On August 1, Whale Alert reported that Kraken transferred 82,277,388 XRP, worth approximately $246.4 million, to an unknown wallet. The transaction occurred at 12:50 (UTC) on Friday. Initially, market observers speculated that a whale had bought the dip. Further checks revealed that the receiving wallet, identified as “rp7TCc,” also belongs to Kraken. XRPScan confirms the address bears the label “Kraken (4)” and shows that Kraken’s sending wallet “rLHzPs” activated it on December 16, 2024. This finding confirms Kraken internally links both wallets.
Another $95M XRP Movement
Earlier the same day, Whale Alert flagged another large XRP shift involving Kraken. At 00:44 (UTC), an unmarked address “rJHkpN” sent 31,852,903 XRP (valued at $95 million) to Kraken’s “rLHzPs” wallet.
Related article: XRP Buying Frenzy: Whales Accumulate Millions as Ripple Eyes Expansion
XRPScan data shows that Kraken also controls the sending address. The wallet “rrhT2Hd” activated this address on July 10, 2024. Moreover, Kraken’s “Kraken (1)” account was previously activated on June 21, 2024.
Internal Transfers for Custody Management
These findings indicate Kraken moved XRP between its own wallets, possibly transferring funds from a hot wallet to a secure self-custody wallet or vice versa.
Related article: XRP Drops Below $3 as Technical Indicators Signal a Possible Fall to $2.39
Whale Alert also recorded additional large transactions involving Kraken on the same day. At 11:16 (UTC), Kraken moved 1.89 million LINK tokens, worth $31.2 million, to another unmarked address. Two hours earlier, at 09:31 (UTC), the exchange transferred 680 BTC, valued at $78.4 million.
All these transactions involved moving funds from Kraken’s cold wallet to multiple trading platforms. Although the exact reason remains unclear, the pattern suggests Kraken is increasing liquidity, potentially in response to sell-offs amid the ongoing market decline.
