The attention of the XRP community was drawn to a sudden transfer initiated by Ripple, moving coins worth over $1 billion within a very short time. Following the transfer, community members began speculating about the reason for the shift and its potential impact on the XRP market.
Meanwhile, XRP posted the most gains among the top ten cryptocurrencies after it surged by an impressive 12% in the last 24 hours. Ripple’s transfer coincided with the price surge, further fueling conjecture about the coin’s future trajectory.
Ripple Shifts 390 Million XRP to Unknown Wallet
Earlier today, Whale Alert, a large crypto transaction tracking platform, first reported the development on X (formerly Twitter). According to its report, the California-based blockchain company moved 390 million XRP in two separate transactions.
The first transfer carried 300 million XRP, currently valued at approximately $815.9 million, from Ripple’s wallet to another wallet labeled as ‘unknown’ by the tracking service.
However, upon further check, it was revealed that the destination address is not new to the market, in fact, it has been active since 2013. Nevertheless, it is still unsure if the wallet is owned by Ripple.
In less than an hour, Ripple initiated another transfer, this time, shifting 90 million XRP coins to another anonymous wallet. The total value of the second transfer with XRP’s current price is $243.8 million.
Similar to the first, the receiving wallet has been used to receive XRP for the last two years, however, it is still unknown if the so-called ‘unknown’ wallet is connected to Ripple.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 90,000,000 #XRP (229,620,316 USD) transferred from unknown wallet to unknown wallethttps://t.co/yUMVKKudgZ
— Whale Alert (@whale_alert) February 13, 2025
When sudden large transfers like these happen, it creates a wave of panic among investors which could either lead to greed (excessive accumulation) or fear (massive sell-off). If the first scenario happens, it could trigger a surge in the price of the associated token.
However, the second scenario could increase selling pressure thereby forcing a decline in the price of the asset. The entire XRP community will continue to observe how the market will react in the coming days.
Whale Dumps 40.8 Million XRP
While the market is still processing Ripple’s XRP transfer, another unknown whale dumped a massive amount of XRP. According to the same tracking platform, the entity disposed of exactly 40,832,614 XRP, valued at over $105 million.
Interestingly, the whale moved the coins to the Coincheck, one of Asia’s largest cryptocurrency exchanges. In 2017, Coincheck processed the largest volume of Bitcoin trading in Japan. Transfers of this volume to centralized crypto exchanges often signify a sell-off because of the ease of converting cryptocurrencies to fiat or stablecoins on such platforms.
At the time of writing, XRP traded at $2.71, indicating an 11.86% increase in the last 24 hours. It is worth mentioning that XRP has now reclaimed its position as the third-largest cryptocurrency behind only Bitcoin (BTC), and Ethereum (ETH) with a live market cap of $157.4 billion.
