Recent on-chain data shows significant whale activity in XRP transactions, including a massive transfer of around 47 million XRP tokens to crypto exchanges. As the price of XRP falls, investors and the crypto community speculate on the reasons for these large transactions.
According to a detailed report, a whale made two significant transfers, transferring a total of 47 million XRP tokens to centralized exchanges (CEXs). The transactions took place as the token’s price fell.
The whale initially transferred around 24,800,000 XRP tokens worth $15,463,840 to the crypto exchange Bitso.
The unknown wallet address was identified as r4wf7enWPx…5XgwHh4Rzn by the on-chain tracker, and the transfer occurred approximately 11 hours ago.
The second transaction involved the transfer of approximately 23,800,000 XRP, worth $14,840,298 to another crypto exchange, Bitstamp. This transfer was completed by the same wallet address (r4wf7enWPx…5XgwHh4Rzn).
Notably, the wallet address in question has made significant transfers to both the Bitso and Bitstamp exchanges on a consistent basis. The same wallet transferred over 49 million XRP to centralized exchanges on December 27.
There is speculation that these recurring transfers are related to Ripple’s strategic partnership with Bitstamp and Bitso.
These centralized exchanges are said to use Ripple’s payment services, implying a possible link between whale transactions and Ripple’s partnerships.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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