Ripple Moves $55 Million Worth of XRP Amid Market Downtrend

By BeInCrypto November 21, 2023 In Cryptocurrencies, Ripple

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:

  1. 25.5 million XRP tokens (approx $15.6 million) from an unknown wallet to Bitstamp crypto exchange
  2. 85 million XRP tokens (approx $51.99 million) from an unknown wallet to another unknown wallet
  3. 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

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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.

Wallet Address “rJqiMb” Sends 85 Million XRP Tokens to “rP4X2h”. Source: Bithomp

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.

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%.

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.

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