Altcoins / Crypto News / Cryptocurrency / Trading · December 21, 2021

Unidentified Whale Transfers 449.3 million XRP in a Cross-Border Move

Whale Alert said the owner of the crypto wallet is largely unknown. However, significant assets moved from that wallet to others. Whale Alert did not identify the owner of the wallet that moved large digital assets from a wallet across major exchanges. 

Clearly, the move was facilitated by cross-border exchanges involving whales. However, the motive of the transaction and the significant transfer of assets are not fully understood. 

They transferred half of a billion in XRP tokens in a sweeping move across popular exchanges like Binance. This uneventful action occurred recently, which has cast concerns on the faces of investors and users.

Massive XRP Numbers

Whale Alert released the information in a tweet about the massive move of XRP tokens. They believed that institutional investors and big players in the crypto space are responsible for the shakeup. 

Over the past few hours, six major transactions occurred where 15 million and 23 million XRP changed places and wallets. These transfers are equivalent to 231,110,320 and 97,000,000 XRP. In dollars, the values translate to $191,716,080 and $82,415,750 respectively.

The crypto tracking service said more than 231 million passed through unidentified crypto addresses. These addresses are believed to be proxy accounts operated by the whales. However, investors are worried that the move happened on popular exchanges, Finance and Bithumb. 

XRP assets were moved in three batches; 97,000,000 tokens, 15,000,000, and 15,000,000 tokens the last 6 hours on Bithumb, the less popular exchange, domiciled in South Korea. On Binance, about 68,000,000 XRP tokens were moved.

Another Cross-border transfer

That was not the only transfer that has happened. Significant XRP tokens were moved again. This time, the move came from Ripples conglomerates and ODL platforms. Bitso, another crypto exchange in Latin America, was part of the scheme.

There is a possibility that Craig DeWitt, the new Vice chair of Faster Payments Council and his associates know about this transfer. 

Craig, the senior product director at Ripple is working in the new capacity at FPC to facilitate the transfer of cross-border value. Investors are hoping that the move results in a dawn of consistent bull market for XRP if everything goes well.

Ripple conglomerates moved 580.6 million of XRP tokens in two batches. First, they transferred 460,669,182, followed by 120,000,000 of the same tokens. In total, the tokens are equivalent to $460.5 million.

Other significant players in the sweeping move that cut across borders and exchanges were Bitso and Bitstamp. These are two ODL platforms that partnered with Ripple. Bitso is located in Mexico and is the biggest crypto exchange in that region. 

Bitstamp on the other hand is located in Luxembourg. They were not the only ones that had a hand in the sweeping move of the digital currency; Binance crypto trading volumes were actively involved. The three exchanges moved assets equivalent to 137 million XRP tokens.

The Whale Report noted the huge transfers were internal. The exchanges moved the assets across its wallets.