The XRP ecosystem witnessed significant whale activity after the U.S. Securities and Exchange Commission (SEC) acknowledged the 19b-4 filing by NYSE Arca for Grayscale’s XRP ETF application. This major development led to large XRP movements, fueling speculation in the crypto community. Whale transaction tracker Whale Alert confirmed that five wallets transferred 431 million XRP. Among them, one belonged to Ripple, and another was linked to the Japanese exchange Coincheck.
Ripple Transfers 300 Million XRP to Known Wallet
At 22:25 (UTC) on Thursday, Ripple sent 300 million XRP to the receiving address “rP4X2hTa.” At the time of transfer, the tokens were valued at $776.7 million. While listed as an unknown address, those tracking Ripple’s transactions recognized it as a frequently used wallet.
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This address had received the same amount from Ripple last month and 380 million XRP in December. Bithomp data revealed that Ripple activated the wallet with 70 million XRP in October 2023.
Further Movements Indicate Internal Transfers
Just 20 minutes later, the same wallet transferred 90 million XRP to another address, “rhWt2bhR.” This transaction, worth $230 million, occurred at 22:43 (UTC) on Thursday. Analysts linked this wallet to Ripple, noting that it previously received 100 million XRP from the same sender in October and moved them to external wallets. Three days ago, Bithomp recorded another 20 million XRP transaction between these two addresses.
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As speculation grew around these transactions, Coincheck transferred 41 million XRP worth $104.6 million to a new wallet at 05:53 (UTC) on Friday. Bithomp data indicated that Coincheck owned this newly created address, as the exchange activated it earlier with a test transfer of 30 XRP before depositing the larger amount.
While many speculated that these large transfers signaled an imminent sale, XRP remained stable. The token gained momentum after the SEC acknowledged NYSE Arca’s filing for Grayscale’s XRP ETF and has managed to retain most of its gains despite the high-volume movements.
