The recent spate of whale deals raises questions, especially in light of Silvergate and Silicon Valley Bank.
Ripple and XRP whale addresses recently moved nearly 1 billion XRP tokens in less than two hours, sparking investor skepticism. As many as 916.3 million XRP were shuffled in eight transactions, with Ripple accounting for 200 million tokens, the data showed.
Ripple movement
As highlighted by Whale Alert, the latest cluster of whale transactions started with Ripple transfers. The Silicon Valley firm transferred 200 million XRP ($72.7 million) to an unknown address at 18:31 (UTC) on Sunday. The receiving address is activated by Ripple, indicating an association with the company.
200,000,000 #Ripple ($72,722,775) transferred from Ripple to unknown wallethttps://t.co/QeqSMUhEqy
– Whale Alert (@whale_alert) March 12, 2023
The transferred funds may be part of the 1 billion XRP tokens released from escrow this month. Shortly after unlocking the tokens from escrow, Ripple sent 300 million XRP to the affiliate address on March 1.
As previously highlighted by The Crypto Basic, the address transferred 100 million of the 300 million XRP tokens received to an unknown address on March 6. The latest move saw the address transfer the remaining 200 million tokens to the same unknown address in the March 6 transaction.
These tokens are expected to be transferred to exchanges for liquidity. Analysis of the funds flows showed that they were ultimately routed to Bitso and Bitstamp via different addresses.
other whale sports
Shortly after the Ripple transaction, two unknown whale addresses shuffled a whopping 245.5 million Ripple ($88.9 million) at 18:35 UTC on the same day. It is worth mentioning that although the identity of the sending wallet has not yet been identified, data suggests that it was activated by an official Ripple address.
245,500,000 #Ripple (88,923,242 USD) transferred from unknown wallet to unknown wallethttps://t.co/I7P1E1WE58
– Whale Alert (@whale_alert) March 12, 2023
Two minutes later, the receiving wallet transfers the received funds and other assets to another unknown wallet. The deal totaled 278.5 million XRP ($100.8 million).
278,500,000 #Ripple (100,876,265 USD) transferred from unknown wallet to unknown wallethttps://t.co/qF1ifno8rq
– Whale Alert (@whale_alert) March 12, 2023
Whale Alert further highlighted another transaction involving an internal transfer between two Bitso accounts. These addresses shuffled 31.3 million XRP ($11.3 million) at 19:15 (UTC).
31,300,000 #Ripple ($11,328,202) from #bitso to unknown wallethttps://t.co/b6zZP0I2Bo
– Whale Alert (@whale_alert) March 12, 2023
The rest of the action involved a Bittrex-affiliated address that moved 161 million XRP to multiple Bitstamp accounts in four transactions.first transaction involves 44 million XRP, while the second saw transfer 51 million XRP. The address also sent out 33 million XRP on two separate occasions.
Recall that the Ripple CEO confirmed Silver Valley Bank’s exposure today, while the FDIC confirmed that it will cover all deposits.
Information source: compiled from THECRYPTOBASIC by 0x information.Copyright belongs to the author Albert Brown, without permission, may not be reproduced