Whale Alert, a leading cryptocurrency transaction tracker, recently shared details of a massive XRP move to the top U.S.-based crypto exchange Coinbase.
The transaction was conducted from an “unknown” wallet and carried a total of 39,523,129 XRP, equivalent to approximately $25,853,836 in fiat. The goal of this transfer appears to be for the whale to sell this chunk of XRP and take profits off the table.
At the time of the announcement, XRP was trading at $0.66583, showing a 6% increase over the last 24 hours. The coin had been trading in this range, experiencing multiple falls and rises as it attempted to surpass this resistance level.
Earlier in the week, Ripple Labs, a fintech giant, made three transfers totaling 148 million XRP. The transfers included a massive 100,000,000 XRP moved between Ripple’s own blockchain addresses, as well as smaller chunks of 23,400,000 XRP and 24,700,00 XRP moved from anonymous wallets to crypto trading platforms Bitstamp and Bitso. However, data from the Bithomp analytical service indicated that these transfers were initiated by a wallet affiliated with Ripple Labs.
Bitstamp and Bitso are crypto exchanges that have been long-term partners of Ripple in its cross-border payments undertaking based on RippleNet and utilizing XRP. Recently rebranded as Ripple Payments, this service now covers more than 70 countries around the world, according to a report published by Ripple.
The trading and movement of large amounts of XRP highlight the ongoing activity and investment in the cryptocurrency market, as well as the changing dynamics and partnerships within the industry. These transactions provide insight into the movement and demand for XRP, as well as the actions of major players like Ripple Labs and large individual holders of the cryptocurrency.