Ripple Moves $55 Million Worth of XRP Amid Market Downtrend


21 Nov 2023 12:45 PM

Ripple has been moving large amount of XRP tokens to unknown wallets, as the price trades 16% below a major resistance....

  • Whale Alert, a crypto tracking platform, has reported three significant XRP transactions totaling over 200 million tokens (approximately $122 million).
  • Ripple Labs is involved in these transactions, which have attracted attention as XRP experiences a short-term downtrend.
  • The transactions include 25.5 million XRP tokens transferred from an unknown wallet to Bitstamp crypto exchange, 85 million XRP tokens transferred from an unknown wallet to another unknown wallet, and 90 million XRP tokens transferred from Ripple to an unknown wallet.
  • Detailed on-chain data reveals that Ripple initially transferred 90 million XRP tokens to the wallet address "rJqiMb," which later transferred 85 million XRP tokens to "rP4X2h."
  • Ripple regularly unlocks a certain amount of tokens from escrow, as seen on November 1 when around a billion XRP tokens were released.
  • The purpose of these recent transactions is unclear, and BeInCrypto has reached out to Ripple for clarification.

The sentiment of the article is neutral, as it presents factual information about the XRP transactions without expressing a positive or negative opinion.

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You May Ask

What is the total value of the three XRP transactions reported by Whale Alert?Who is involved in these transactions?What is the significance of the XRP token transfers from the unknown wallets?Why does Ripple regularly unlock tokens from escrow?What is the purpose of the recent XRP transactions, and has Ripple provided any clarification?

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