Ripple transfers nearly 40 million of XRP to wallets; users speculate Ripple flooding the market


The price of the cryptocurrencies has been taking a hit for the past few weeks; however, XRP was the only coin to stay away from the ups and downs in the cryptocurrency market. The price of the coin remained stable, but what went unnoticed by many was the large transactions that were taking place in the market via XRP.

Whale Alert, a tracker of such large cryptocurrency transactions noted several noteworthy transactions that took place on June 8 and June 9. One out of the three transactions that took place, moved 20 million XRP from Ripple’s exchange wallet to an unknown wallet. The sender’s address was identified to be Ripple’s and it was rffYK32pnicbmUvodKsLxTyQFJyEb23gaZ. The receiver’s address was unidentified but the address was rHJMEHv4eKhBCmjqDEJtFcvZTZC9q1K1s7. The hash rate of the transaction was reported to be
8E321C72F0A01E7632553E40B0E5DBE17204122B1ACAFE0ABF17216605C94FC5. Following are the transaction details of the transaction:

Source: Whale Alert

Source: Whale Alert

After investigating further it was noted that the receiver’s address had received the same amount from the exchange before and was probably used to send to other addresses. The XRP balance of the receiver was 22.323 million.

Another transaction took place seconds after the above transaction, where Ripple exchange transferred another 20 million XRP to a wallet identified to be XRP ll wallet. The address of the XRP ll wallet was rHjJwY4maqRyUxCnJ9bNNQ2Tva9fe9T8ud. It was found that this address had been used to transfer XRPs to various exchanges like Digifinex, Hitbtc, and Huobi. This address could just be Ripple’s, however, the name confused many people from the community.

Source: Whale Alert

Source: Whale Alert

Twitter user @CWSlater2, commented after looking at the transactions:

“Is this someone buying #XRP or Ripple flooding the market??”

Such transactions are not new in the cryptocurrency ecosystem but these bulk transactions are worrisome as the speculation on an imminent dump gets affirmed. At press time, XRP was valued at $0.4120 with a market cap of $17.40 billion. The 24-hour trading volume of the third largest coin was noted to be $1.17 billion as it fell by 1.96% over the past day. In the past seven days XRP fell by 5.85% bt picked itself up by 0.25% within an hour.

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