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Ripple Transfers 100M XRP to Bitso Wallet

 
Niharika Deshpande
Written By 
Niharika Deshpande
 
Harsh Chauhan
Edited by 
Harsh Chauhan
September 19, 2024
Ripple Moves 100M XRP to Crypto Exchange Bitso
Ripple Moves 100M XRP to Crypto Exchange Bitso

A recent transaction has sparked concern among XRP enthusiasts, as a wallet linked to blockchain payment firm Ripple transferred 100 million XRP (worth $57.92 million) to crypto exchange Bitso. Leading crypto tracking service Whale Alert indexed the transaction, highlighting the significant movement. 

Both the sending wallet and the receiving wallet, the addresses were initially tagged as unknown. However, further investigation suggested that the sending address to be linked with Ripple.

This transaction is not an isolated incident, as the sending wallet has been active throughout the week, transferring large amounts of XRP to various addresses, for instance, on September 17, it transferred 50 million XRP to the same recipient address. 

Movement of the Ripple Tokens

The recipient wallet has started making significant moves, transferring approximately 19.9 million XRP to another Ripple wallet, which then distributed the tokens to two exchanges: 19.7 million to Bitso and 257,000 XRP to Bitstamp. 

This large whale activity has raised concerns amongst the XRP community, speculating that the recipient wallet may dump the tokens soon. This concerns have resulted by the recent XRP related whale transaction reported by the Crypto Basic including:

  • 95 million XRP deposited to Binance on September 5, 2024
  • 105 million XRP transferred to an unlabeled address on September 7, 2024

At press time,  XRP is trading at $0.05828 representing a 8.6% surge in the weekly charts and a 1.3% rally in the past 24 hours as per CoinGecko. 

The seventh biggest cryptocurrency’s price will likely be influenced by these significant transactions and the overall market sentiment. 

Also Read: XMR Price Prediction: A Look Ahead to 2024 and Beyond

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Niharika Deshpande
Written by Niharika Deshpande

Niharika has over two years of experience as a crypto-journalist and is part of the team at CryptoNewsZ. Although she holds a Master’s in Biochemistry, she has a knack for simplifying complex blockchain concepts. With a keen eye for industry trends, she delivers breaking stories and insightful analyses of the crypto world. Her articles serve as a go-to resource for those navigating crypto gambling, offering clear and well-researched insights. She also covers the latest crypto pre-sales and emerging token launches, helping investors stay informed. Passionate about the evolving blockchain space, she continues to explore its impact on various sectors. Beyond journalism, she actively engages with the crypto community, fostering discussions on decentralized innovations.