Ripple Shovels 100 Million XRP to Unknown Wallet After Selling 30 Million One Day Earlier

3 September 2022

in XRP

Reading Time: 3 mins read

Yuri Molchan

Fintech giant Ripple has shifted a staggering amount of XRP to an anonymous wallet

According to Whale Alert tracker, around 12 hours ago, Ripple blockchain services provider made a gigantic transaction, shovelling a whopping 100 million XRP in a single transfer to a wallet that the crypto tracker tagged as “anonymous”.

This happened after the company withdrew an astounding billion XRP tokens from escrow two days earlier.

In the meantime, whales have shifted a close to 300 million XRP over the past two days.

These were another two days of whales moving massive amounts of Ripple-affiliate token as their activity has increased over the past month. A transaction made by Ripple was spotted among them too.

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Ripple moves 100 million XRP to this destination

Whale Alert tweeted that 100 million XRP left Ripple’s wallet, going to an “unknown” address. However, Bithomp on-chain wallet tracker focused on XRP shows that this chunk of crypto went to RL18-VN – an address frequently used by Ripple to move funds beyond the company.

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From this wallet, in the past, crypto was sent to exchanges, institutional customers and charity.

[crypto-donation-box]

🚨 🚨 🚨 100,000,000 #XRP (33,098,056 USD) transferred from Ripple to unknown wallethttps://t.co/Bt9oK9r21W

— Whale Alert (@whale_alert) September 2, 2022

On September 1, it released one billion XRP from escrow on a regular basis. This time, however, 700 million tokens was locked back in escrow on the same day and 300 million were set aside to be injected in the circulating supply later on.

The above mentioned 100 million XRP is likely to be part of that unlocked crypto.

Ripple and whales move 290 million XRP

Aside from the news about Ripple’s transactions, Whale Alert also spotted several large transfers that carried approximately 290 million XRP.

Large amounts of XRP were shifted from Bittrex exchange to Mexico-based Bitso and Bitstamp exchanges – 60,000,000 and 50,000,000 XRP.

Bitso also wired 101.8 million XRP between its internal addresses. This exchange runs one of Ripple’s liquidity corridors based on the ODL (On-Demand Liquidity) tech, therefore it often conducts operations with XRP, selling it, sending it to other exchanges or internally.

As for Ripple itself, it wired 30,000,000 XRP tokens to the Bitstamp exchange, which is also one of its ODL platforms. The transfer was conducted via the aforementioned RL18-VN wallet.

XRP price action as SEC’s lawsuit continues

Over the past three months, the 7-ranked token XRP has been trading in the $0.3 range. In mid-June, XRP plunged from the $0.40 area and traded in the $0.32 range for a couple of months.

At the end of July, it managed to briefly recover $0.4032 but after that went back to the $0.38-0.36 range again. Since August 19, the coin has been moving trading at the $0.34-$0.33 zone.

Ripple continues its legal battle against the SEC, which, as many in the XRP army believe, is the greatest factor that is keeping the token’s price down.