The San Francisco-based blockchain giant Ripple Labs recently completed a large move of 200 million XRP coins, which caused a lot of speculation in the cryptocurrency community.
The Whale Alert cryptocurrency tracker on the X platform sent notice of this major transaction, which brought attention to the ongoing actions of XRP whales.
The crypto community quickly took to social media to guess what Ripple was trying to do with its new move. The move is one of many major deals that have happened in the last 24 hours. During that time, almost 400 million XRP coins have changed hands.
Ripple Moves XRP Funds
Along with the 200 million XRP move, Whale Alert discovered two other large transactions: one for 100 million XRP and one for 94.3 million XRP. These payments, worth more than $110 million all together, have added to the excitement about what Ripple has been doing lately.
Data from Whale Alert indicates that an anonymous wallet received the 200 million XRP payment approximately 16 hours ago. Cryptocurrency enthusiasts have come up with a variety of ideas regarding this significant change. Some people think that Ripple is selling a lot of XRP on the market right now, when the coin’s price is going down.
Others think the move might have something to do with Ripple’s recent legal problems, particularly the $125 million fine given by U.S. Federal Judge Analisa Torres instead of the $2 billion fine the Securities and Exchange Commission (SEC) wanted.
Further investigation by the XRP-focused explorer Bithomp revealed that another bank associated with Ripple received the 200 million XRP. This made the transaction even more mysterious. Even though no one knows the exact point of these moves, Ripple’s recent actions have significantly impacted the market.
The other two transactions, worth $56.5 million and $53.7 million, took place between anonymous wallets. However, Bithomp was able to tell that the 100 million XRP move was between wallets connected to Ripple. On the other hand, the 94.3 million XRP exchange remains mysterious as the wallets involved do not belong to any known groups.
After these major transfers, the price of XRP dropped sharply, going from $0.59807 to $0.56396—a drop of almost 6%. The coin’s price has since gone up a little, though, and is now around $0.57971.
