Huge Amount of XRP on the Move: Reasons to Worry or Business as Usual?
Hundreds of millions of XRP worth close to $70 million have been transferred around different exchanges throughout the past couple of days.
Usually, such an amount would raise a couple of eyebrows, so let’s have a look at the different transactions and find out if there’s a reason to worry or if it’s just business as usual.
XRP Headed to Bitstamp
The popular whale transaction tracker, Whale Alert, identified a couple of transactions consisting of millions of XRP going to wallets in Bitstamp.
The first one took place on September 5th at around 20:03 UTC time. The delivered amount was 29,500,000 XRP, which was worth around $14.8 million at the time of the execution. The receiving address, as specified, belongs to Bitstamp. The sending address, beginning with r4wf and ending with Rzn was activated on January 18th of this year by another address, which was ultimately activated by Ripple itself on February 25th, 2022. Therefore, it’s safe to assume that the Rzn address belongs to Ripple and it’s the company sending the XRP to Bitstamp.
The second transaction to Bitstamp happened on September 6th at around 20:13 UTC time. The sender was the same Rzn address, and the transaction was for 29,600,000 XRP, worth around $14.8 million at the time of the execution.
It appears Ripple is behind both transactions, and it’s likely part of the scheduled monthly sell of XRP the company’s been doing for a while now. In other words – business as usual.
XRP Headed to Binance
Another two transactions were also flagged by Whale Alert.
The first one of them was for just shy of 42 million XRP, worth some $21 million at the time it happened – on September 6th at 14:00 UTC.
The sourcing address starts with rDAE53 and ends with Pxr. Upon closer inspection, it was activated by Binance on November 24th, 2021. The receiving address also belonged to Binance, making this an internal transaction.
The second transaction happened a day earlier – on September 5th at around 10:20 UTC. It was for 40.3 million XRP worth around $20.3 million at the time. The transaction happened between the exact same addresses as the above one – both belonging to Binance.
The reasons behind these two transactions are unclear, but they could be part of Binance’s security procedures.
In conclusion, it doesn’t seem like there’s a cause of worry.
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