Ripple and other whale addresses recently moved a total of 218 million XRP tokens in six different transactions. These six transactions had an average value of $81 million.
Ripple moves 50 million XRP
On May 9 at 22:35 (Dutch time zone), Ripple executed a transaction that moved 50 million XRP tokens worth $21.4 million. This was shown by data from the whale tracker Whale Alert.
Whale Alert’s tweet pointed out that Ripple sent the XRP to an unknown wallet. However, data from Bithomp shows that the receiving wallet actually belongs to Ripple itself. So far, this receiving wallet has distributed 7.3 million XRP to other addresses.
Of the 50 million XRP tokens Ripple recently moved, a portion comes from the escrow the company released this month. At the beginning of the month, Ripple released 1 billion XRP as part of its monthly escrow release. After these executions, the company decided to keep 300 million tokens and lock down the remaining 700 million XRP.
Bill Morgan, an XRP proponent, responded to an article about the transactions, stressing that Ripple is not simply “dumping” the assets onto the market. Of the 300 million released XRP from the Ripple wallet, only 50 million were moved in April, which is similar to the recent transaction in May.
Five other trades
In five different trades, other whales moved 168 million XRP. In the first transaction, 50 million XRP was moved from Crypto.com to an unknown wallet. In addition, research showed that the wallet belongs to Binance.
On May 8, a transaction of 31 million XRP was made from an unknown wallet to Bitstamp. A few hours later, on May 9, a transfer of 30 million XRP took place internally between two Bittrex wallets. Later that day, there was another transaction where another unidentified wallet sent another 28 million XRP to Bitstamp.
XRP aims for recovery
These whale trades occurred amid a drop in the XRP price followed by a recovery move. On May 8, the value fell 4.61%, the biggest one-day drop since April 21. Although XRP reached a low of $0.41, a level not seen in 7 weeks, it recovered quickly and the $0.41 zone acted as support.
XRP recently ended its losing streak that started on May 6. XRP ended yesterday with a modest gain of 0.14%. In the past 24 hours, XRP is up 1% and it is trying to solidify its position above USD 0.43.