Ripple shuffles 200 million XRP as XRP price retreats to $0.56

Payment giant Ripple has moved 200 million XRP between its wallets, sparking speculation within the community.

According to market tracking resource Whale Alert, the transaction involved a wallet associated with Ripple, and the tracking platform said the receiving address was unknown. At 20:28 UTC on Monday, the sending address "rBg2Fu" transferred 200 million XRP worth $109 million to the receiving address "rP4X2h".

Transaction Analysis
Data from Bithomp shows that the two addresses have transferred XRP between them multiple times in the past. Notably, the receiving addresses flagged by Whale Alert as unknown wallets often receive funds from the sending addresses and transfer them to other wallets.

For context, Ripple marked the sending address as transferring 200 million XRP to the receiving address on September 23, worth $117.6 million. This happened after the sending address transferred 150 million XRP to the same address 10 days ago.

The data showed that the receiving address was linked to Ripple, and its activity attracted the attention of the XRP community. It is worth noting that the receiving address has always been Ripple’s medium for transferring XRP to external wallets, especially exchanges.

For example, on October 8, the wallet transferred 100 million XRP to a dumping wallet, which then moved the assets to exchanges such as Bitstamp and Bitso. The address also conducted a similar transaction on September 19, transferring 100 million XRP to the selling wallet.

Meanwhile, the wallet still holds the 200 million XRP it received on Monday. As of this writing, the wallet holds 254.4 million XRP, valued at $138 million.

XRP Market Reactions
Amid the community skepticism following the transfer, XRP has remained relatively stable. According to market cap ranking, XRP has fallen less than 1% in the past 24 hours and is currently quoted at $0.544, having pulled back from yesterday’s high of $0.56.

Notably, despite the generally bullish crypto market, XRP is down 9% over the past month. For context, Bitcoin and Shiba Inu rose 7.30% and 26% respectively during the same time frame.

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