Ripple moved 100 million XRP, sending 19.7 million to the crypto exchange Bitso. The transaction, worth $57.92 million, was tracked by Whale Alert and shared in a tweet yesterday.

Breakdown of the Transaction 

Data from Bithomp reveals that the wallet responsible for sending the XRP, identified as rP4…xv3, transferred the 100 million tokens to another wallet labeled rhW…2hk. Both wallets remain unnamed by the XRP Ledger explorer. Interestingly, the sending wallet has been actively moving large amounts of XRP throughout the week. 

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On September 17, it sent 50 million XRP to the same recipient. At present, the sending wallet holds 50.181 million XRP. While Whale Alert marked the wallet as unknown, further analysis suggests it is linked to Ripple.

Concerns of a Potential Token Dump

The recent large movements have caused concerns among XRP enthusiasts, with many speculating that the receiving wallet might be preparing to offload the tokens. These fears gained traction as Bithomp data shows that shortly after receiving the 100 million XRP, the wallet transferred 19.957 million XRP to another Ripple-controlled wallet.

Immediately after this, Ripple moved 19.957 million XRP in two separate transactions. The first transfer of 19.7 million XRP went to the Bitso exchange, followed by a smaller transfer of 257,000 XRP to Bitstamp just six minutes later.

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This transaction is one of many large XRP whale movements reported recently. On September 5, an anonymous whale deposited 95 million XRP into Binance. Two days later, another whale sent 105 million XRP to an unidentified address.

As of now, XRP is trading at $0.5858, marking a 9.09% increase over the past week, with a 1.98% rise in the last 24 hours.