Ripple, the payment giant, transferred 200 million XRP while the cryptocurrency market faced a correction. According to Whale Alert, the funds were moved on Monday to an unknown address. The transaction amounted to $117.6 million, with each XRP valued at $0.588. Bithomp, an on-chain tracking platform, provided further details about the transaction. It took place at 15:41 UTC on Monday. The sending address, identified as “rBg2F…fo91m,” moved the 200 million XRP to another address, “rP4X…Kvx3.”
Whale Alert initially labeled the receiving address as unknown in connection to Ripple. The address has played a key role in most of Ripple’s on-chain activities.
Prior Transfers From Ripple
This wasn’t the first time the same sending and receiving addresses were involved. On September 13, Ripple transferred 150 million XRP, valued at $85.3 million, to the same address. This suggests a pattern of fund movements.
Related article: Ripple Faces Uncertain Future: Will the SEC Appeal XRP’s Status?
On-chain data shows that Ripple uses this address primarily for moving funds to exchanges. Recently, the address transferred 100 million XRP, valued at $19.7 million, to Bitso, a leading cryptocurrency exchange.
Ripple’s Larger Transfers
In a significant move on September 20, the same wallet transferred 500 million XRP, worth $289.7 million, to Bitso. At the time of writing, the wallet, which was activated in October 2023, holds 249 million XRP.
Related article: Ripple Retains 200 Million XRP from Escrow as Deadline Approaches
The transfer occurred during a broader market correction. XRP’s price dropped by 1%, falling to $0.586 within 24 hours. This decline follows a brief surge over the weekend when XRP hit $0.6075, the highest price since late August. Since then, it has corrected by 3.5%.
Despite this drop, analysts remain optimistic. Market expert Steph predicts that if XRP breaks the $0.6 resistance level, it could rise to $0.7.
