187 Million XRP in 24 Hours – What’s Happening?

Blockchain tracking service Whale Alert, which monitors large cryptocurrency transactions and shared their details with the community on the X platform, has detected several large XRP transfers performed over the last 24 hours.

Among them was a transfer conducted by San Francisco-based blockchain behemoth Ripple.

187 million XRP on move

The aforementioned data platform reported four large cryptocurrency transfers, which cumulatively carried a staggering 187 million XRP. The largest of those XRP chunks was moved by Ripple Labs, and it comprised a massive 100,000,000 XRP worth $54,594,473. In the comments, the XRP community expressed concerns as to the goal of Ripple allegedly selling a massive XRP lump.

🚨 🚨 🚨 100,000,000 #XRP (54,594,473 USD) transferred from #Ripple to unknown wallethttps://t.co/5UoknxkDkv

— Whale Alert (@whale_alert) September 6, 2024

This transfer was targeted at an anonymous blockchain address. However, details that were shared by XRP-focused explorer Bithomp show that this was an internal transaction sent by Ripple to one of its own wallets.

An anonymous whale withdrew 31,126,439 XRP to his digital wallet. That amount of XRP constituted $16,908,702 in fiat. The remaining two transfers moved 29,100,000 and 26,830,000 XRP to major exchanges Bitso and Bitstamp, based in Mexico and Europe.

🚨 31,126,439 #XRP (16,908,702 USD) transferred from #Orbit to unknown wallethttps://t.co/1VkLDx9lVk

— Whale Alert (@whale_alert) September 6, 2024

Bithomp revealed that the anonymous wallets that initiated those transfers belonged to Ripple, while Bitso and Bitstamp belong to the platforms that collaborate with the cryptocurrency giant, helping it to run the Ripple Payments feature using XRP tokens.

A day earlier, Whale Alert detected a massive 105,000,000 XRP transaction that was conducted between two unknown crypto whales. Details of it were shared in a Thursday tweet.

XRP price performance

Over the past week, the seventh largest cryptocurrency in terms of market capitalization value, XRP, witnessed an astounding 13.34% decline as it lost the $0.62 level and rolled down to $0.54.

The past 24 hours have contributed to that price collapse as XRP declined by 3.45%. However, the coin managed to partly compensate its losses by growing by 1.7%.

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