Investor in the Top 0.01% of XRP Rich List Moves 99M+ XRP
thecryptobasic.com 26 August 2024 08:52, UTC A whale investor falling into the top 0.01% of the XRP rich list shuffles over 99 million XRP tokens across two new wallets.
Market tracking platform Whale Alert indexed the noteworthy fund flow in a recent X disclosure. Notably, the whale in question first received 99.225 million XRP at 15:26 UTC on Aug. 24. This transaction activated the address, marking its first activity.
Whale Shuffles 99M+ XRP
This single fund movement pushed the new wallet to the top 0.01% of the XRP rich list. Data sourced by community-driven resource rich-list.info confirms that this cohort of addresses holds balances equal to or greater than 7.46 million XRP, making them the most exclusive tier. There are currently only 529 addresses in the top 0.01%.
However, nearly 24 hours after receiving the 99.225 million XRP, the wallet in question shuffled the tokens across two different addresses. It first moved 2 million XRP to a relatively older wallet at 15:06 UTC yesterday. Two minutes later, the whale transferred 97.225 million XRP tokens to another new wallet.
The new wallet has since held onto the tokens, retaining its position among the top 0.01%. Meanwhile, the recipient of the 2 million XRP has continued to move fractions of the assets to multiple platforms, including Nexo, KuCoin, Stake.com, Coinspaid, Crypto.com, and a host of others.
Though the recent whale transactions resemble Ripple’s on-chain activities, there’s no evidence connecting them to the payment firm. Two weeks ago, Ripple transferred 146.9 million XRP, with 46.9 million tokens reaching Bitso and Bitstamp exchanges. The company has continued to move tokens since then.
Who is Behind the Latest Whale Movements?
However, an on-chain investigation by The Crypto Basic revealed that the recent movements do not match Ripple’s typical operations. Instead, these transactions involve creating new whale addresses to shuffle millions of XRP. Also, the wallets in question have no connection to Ripple.
Interestingly, the movement of fractions of XRP to multiple centralized platforms like Nexo, Stake.com and Coinspaid suggests that the whale wallets might belong to another exchange. These smaller movements are often due to withdrawal requests from users. Nonetheless, this remains unconfirmed.
Meanwhile, the recent whale transactions have not had any observable effects on XRP’s price movements. XRP currently changes hands at $0.5996, down 1.75% over the past 24 hours. Despite the ongoing struggles, XRP’s price has increased 5.31% in the last seven days.
