Whale Alert, a crypto tracking platform, has notified the community about three substantial XRP transactions, collectively exceeding 200 million tokens (approximately $122 million).
Ripple Labs is implicated in these transactions. The community’s attention has been piqued by these sizable XRP transactions as XRP enters a short-term downtrend.
Ripple Moves 90 Million XRP Tokens to Unknown Wallets
The screenshot below shows three large XRP transactions:
- 25.5 million XRP tokens (approx $15.6 million) from an unknown wallet to Bitstamp crypto exchange
- 85 million XRP tokens (approx $51.99 million) from an unknown wallet to another unknown wallet
- 90 million XRP tokens (approx 55.24 million) from Ripple to an unknown wallet
Read more: How To Buy XRP and Everything You Need To Know
![](https://cnews24.ru/uploads/59d/59d5e7f0dee2454c4a8ad24f76274da884e29421.png)
At first sight, it may look like 200 million XRP tokens have been moved.
However, the detailed on-chain data shows that Ripple first transferred 90 million XRP tokens to wallet address “rJqiMb.” Later, “rJqiMb” transferred 85 million XRP tokens to “rP4X2h.”
Read more: How To Evaluate Cryptocurrencies with On-chain and Fundamental Analysis.
![](https://cnews24.ru/uploads/d5a/d5ad019bec8e54e3cacf9cedb2c591b77145889d.png)
It is worth mentioning that around the start of every month, Ripple unlocks a certain amount of tokens from escrow. The screenshot below shows that on Nov. 1, it released around a billion XRP tokens.
![](https://cnews24.ru/uploads/945/9450327a1f0361f85575d1781011d85990b0f3f5.png)
Not to mention, days after these escrow transactions, XRP failed to close above the resistance at $0.7338. After taking the rejection, the token entered a short-term downtrend, falling roughly 16.5%.
![](https://cnews24.ru/uploads/dcc/dcc67a75285106098f3460ef2d3b47c1917f390e.png)
While escrow release is a routine business for Ripple, the purpose of today’s transaction is not clear. BeInCrypto has reached out to Ripple, but we have not received a response.