Unknown Entities Move $73 Million in XRP Tokens Across Exchanges

• Unknown wallets moved 218 million XRP tokens, or around $73 million, through three large transfers.
• The transactions occurred between cryptocurrency exchanges and were flagged as „unknown“.
• Ripple took 1 billion XRP out of escrow on January 1.

Recently, Whale Alert reported three massive transfers of XRP tokens from unknown wallets to cryptocurrency exchanges. The combined value of these transactions totaled 218 million XRP tokens, which is the equivalent of around $73 million. The first two transfers were sent from a wallet connected to the American-based Bittrex exchange to a wallet associated with the Bitstamp exchange, with the amounts being 40 million XRP and 30 million XRP respectively. The third and largest transaction was for a whopping 148.7 million XRP, and was sent from a single anonymous wallet to Bittrex via the Binance exchange.

The large movements of XRP tokens come shortly after Ripple, an American-based financial services company, took 1 billion XRP out of escrow on January 1. This is part of their plan to promote the usability of their token in the mainstream crypto market. It’s unclear if the unknown entities behind the large transfers of XRP are connected to Ripple, or if they have any affiliation with the firm.

The amount of XRP tokens moved in these transactions is staggering and indicates that there is still strong demand for the cryptocurrency. As Ripple and XRP continue to make strides in the crypto space, it will be interesting to see if these unknown entities continue to move large amounts of XRP tokens between exchanges. Only time will tell if these movements are part of a larger strategy, or simply a one-off transaction.