Ripple Transfers 60 Million XRP to Unknown Wallet Amid the Price Drop

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Ripple Transfers 60 Million XRP to Unknown Wallet Amid the Price Drop

Last updated on May 18th, 2024 at 12:23 pm

Popular blockchain company, Ripple has reportedly made substantial transfers of 60 million XRP tokens to a wallet labeled as unknown earlier today. The significant transfer comes amid the ongoing coin price drop.

The mouth-watering transfer has raised eyebrows in the market and investors are left with speculations as to the reason behind the action.

In a recent turn of events, WhaleAlert, an on-chain tracker and analytic platform has reported that it has spotted a large amount of XRP tokens valued at $42.83 million moved to an anonymous wallet.

Just 24 hours ago, XRP traders and investors witnessed over 8% surge in the price of the asset, consequently lifting it to its highest point since July 2023. During this period, the price of the token peaked at $0.732 before experiencing an 11% drop down to $0.65.

However, at press time, the price of the coin has slightly increased to $0.683. This has raised further speculations about whether the price of the asset has reached its highest point after an impressive upward trend that lasted over three weeks alongside the global crypto market.

“Unknown wallet” connected to Ripple

Meanwhile, even though the crypto community has speculations about the identity of the destination wallet, recent data has shown that the anonymous wallet is not so mysterious at all.

Bithomp, an XRP Ledger explorer, has revealed that the mysterious wallet is linked to the blockchain giant company. The 60 million XRP transferred to the Ripple-linked wallet remains stagnant in the wallet, topping up its initial balance. What is more, the wallet was activated by Ripple in 2021 and it holds a staggering amount of XRP coins, up to 114.47 million (valued at approximately $79.33 million).

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This is not the first time Ripple has made such a huge transfer of XRP to another wallet. On October 6, the company reportedly moved 107 million XRP (equivalent to $73.2 million) to Bitso and Bitstamp exchanges.

Before that, on September 11, the company transferred 29 million XRP to the Nitstamp exchange. The reasons for the transfers are unknown, but with the recurring pattern, one could suggest that the blockchain company is simply diversifying its assets.

Whatever the reason, it may either negatively or positively affect the price of the token in the market in the future.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.