Large batch of XRP is moved from exchange to wallet with suspicious activity
Another large batch of XRP was moved by anonymous Bithumb users to an unknown wallet, according to transaction tracking service WhaleAlert. As the website suggests, nearly $80 million worth of coins were moved nine hours ago.
The wallet that received such a large sum from the exchange currently holds 85 million XRP and is constantly carrying out large transactions with other network entities. More recently, the wallet transferred 35 million XRP coins to two anonymous wallets.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 120,000,000 #XRP ($77,869,435) transferred from unknown wallet to unknown wallethttps://t.co/pAR79N2dsl
— Whale Alert (@whale_alert) February 24, 2022
Before receiving $120 million from the exchange, the wallet ending in “ZcEXg” received 90 coins on February 18 and then redistributed the funds between smaller wallets.
The behavioral pattern of the wallet might suggest that it belongs to an exchange or other platform that actively works with users and transactions, as it constantly receives large sums and divides them into smaller lots.
Some exchanges use separate wallets to initiate withdrawals rather than keeping the funds in a single wallet, which is used for fund redistribution.
The performance of XRP on the market
Unfortunately for its investors, XRP failed to resist the general market trend and lost more than 8% of its value in the last 24 hours. The general risk aversion in the market caused it to fall below the important psychological resistance zone of $0.7.
At press time, XRP is trading in the $0.64 area, which matches the price previously seen in early February. The only metric or indication in the market right now is volume which remains at a high level from yesterday.