A massive transaction involving an address linked to Ripple Labs caught the attention of the crypto community after it moved 300 million XRP coins to another wallet on Thursday. Interestingly, the transfer came at a time when XRP experienced a slight price uptick.
The Ripple-backed cryptocurrency traded around $2.4 at the time before retracing back to the $2.2 mark. Following the action, speculation abound about the purpose behind the movement.
$683 Million XRP on the Move
Whale Alert, a prominent crypto large transaction tracker, first spotted the transfer and reported it on X, generating over 280,000 views. As per the post, the blockchain giant shifted 300 million XRP, valued at approximately $683 million to an address labeled ‘unknown.’
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However, upon further check, 36crypto discovered that the destination address ‘rp4x…kxv3’ is in fact, an active receiver of XRP. The wallet was first activated by Ripple in 2023 with 70 million XRP and has since been used for countless other XRP transactions.
Shortly after this transaction, the wallet sent 6 million XRP to another address labeled ‘raRV…yNRf,’ spending 0.000015 XRP as transaction fee. At the time of writing, the ‘rp4x…kxv3’address still holds a staggering 409.5 million XRP, worth approximately $931.2 million.
XRP transfer | Source: Whale Alert
Known History of XRP Transfers
Though the 300 million XRP is the first significant transfer to the wallet this year, Q4 of 2024 saw a number of transfers flow into the address. According to data from XRP Explorer, the Ripple-linked wallet received 380 million XRP (worth $865 million) on Dec 11, 2024.
On the same day, it received another 200 million XRP (valued at $455 million) from Ripple. Before that, on November 6, 470 million XRP (worth $1.07 billion) was received from the blockchain company, and another 200 million XRP on October 21.
Speculations and Community Reaction
The latest transfer created mixed reactions across the XRP community. While some panicked and referred to it as a sell-off signal from Ripple, others speculate that it is simply a reshuffling strategy by the company given its history with the address.
One user, ‘Stampy,’ implied a bearish market ahead by commenting “Yep, More Red.” This thought emanates from the idea of a possible dump by Ripple where a significant sell-off could impact the market, resulting in a price nosedive.
Another user, ‘Charlie,’ speculates that the coins are being sent to Donald Trump’s wallet given that Ripple CEO, Brad Garlinghouse recently attended a dinner hosted by the incoming president.
The mixed conjectures generated by the XRP community underscore the need for transparency within the crypto space. At the time of writing, XRP traded at $2.27, representing a 2.8% decline in the last 24 hours.
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