Major XRP Transfer of 56,698,207 Units Sparks Speculation, Unveiling the True Events
Large XRP Transfers Stir Crypto Community Debate
Two significant XRP transfers, totalling approximately 56.6 million XRP, have been observed by Whale Alert, sparking a lively debate within the crypto community about their nature and potential participators.
Ripple's Internal Transfer
The first transfer, worth around $107.7 million, moved internally within Ripple's own wallets, both labeled "Ripple 50." This transfer likely represents Ripple moving funds internally for various purposes such as selling, supporting XRP-based Exchange Traded Products (ETPs), making investments, or covering operational expenses. It was not an external whale sell-off but an internal corporate transfer by Ripple [1].
Internal Exchange Transfer
The second XRP transfer of 19 million XRP, worth roughly $61 million, was spotted moving from the South Korean crypto exchange Upbit to an unknown wallet. Initially, this raised speculation about whale accumulation or purchase, suggesting a bullish signal for market momentum by reducing XRP availability on exchanges. However, further analysis indicated this was actually an internal exchange operation, not a single whale buying large amounts [2][4].
Transfers to Coinbase
Whale Alert also tracked down two other large transfers totaling approximately 33.4 million XRP (around $108 million) moving to Coinbase exchange wallets, which traders interpreted as potential sell-pressure preparing for short-term profit-taking [3].
The Larger XRP Transfer
The larger XRP transfer of 40,000,000 XRP, valued at about $131,081,333 in fiat, was made by Ripple from one anonymous wallet to another Ripple wallet. The transfer was labeled as "Ripple 50 to Ripple 50 subwallet for ETPs, Trust. Other Investments" [1].
Clarification from @XRPwallets
@XRPwallets, a blockchain tracking account, provided clarification on the data shared by Whale Alert. The account's posts did not confirm or deny any suspicions of money laundering [5].
The crypto community remains engaged in a discussion about these transfers and their potential implications. While some suspect them to be money laundering transactions, others see them as routine corporate fund management by Ripple or internal exchange wallet reshuffling [6]. The debate continues as the community seeks to understand the true nature of these large XRP transfers.
| Transfer Size & Value | Wallets Involved | Explanation | |------------------------------|--------------------------------|----------------------------------------------| | 35,000,000 XRP (~$107.7M) | Ripple internal wallets ("Ripple 50") | Internal Ripple move, possibly for selling, investments, or expenses | | 19,000,000 XRP (~$61M) | Upbit exchange → Unknown wallet | Internal exchange wallet movement, not a whale buy | | 33,400,000 XRP (~$108M) | To Coinbase exchange wallets | Potential sell pressure triggered by whales | | 40,000,000 XRP (~$131M) | Anonymous wallet to Ripple wallet | Larger Ripple transfer, labeled for ETPs, Trust. Other Investments |
- Despite the large XRP transfers recently tracked by Whale Alert causing debate within the crypto community, the first transfer of 35 million XRP, worth around $107.7 million, merely represented an internal move by Ripple, potentially for selling, investments, or expenses.
- observations of a second XRP transfer of 19 million XRP, valued at approximately $61 million, from Upbit to an unknown wallet initially stirred speculation about whale accumulation or purchase, yet further analysis revealed it to be an internal exchange operation, not a single whale buy.
- Furthermore, two significant XRP transfers totaling around 33.4 million XRP ($108 million) were noted moving to Coinbase exchange wallets, causing traders to interpret this as potential sell-pressure preparations for short-term profit-taking.
- Contrary to conspiracy theories, the larger XRP transfer of 40 million XRP ($131 million) was made by Ripple from one anonymous wallet to another Ripple wallet, labeled for ETPs, Trust, and other investments.
- For resolution and clarification on these transfers, the crypto community has turned to @XRPwallets, a blockchain tracking account, who have provided insights but have not confirmed or denied any suspicions of money laundering.
