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XRP Whale Activity: Coincheck and Ripple’s Significant Transfers

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XRP Targets $1.33 with Cup and Handle Formation

An anonymous XRP address tied to the Japanese exchange Coincheck has amassed over 361 million XRP through a series of inbound transactions. Whale Alert has highlighted the massive transfer of XRP assets from Coincheck to an anonymous address. Early today, at 05:56 UTC, Coincheck transferred 250 million XRP, valued at $129 million, to the scrutinized address.

Coincheck’s XRP Movements Attract Attention

The crypto community has taken notice of Coincheck’s significant XRP movements, speculating about the entity behind the destination wallet. Blockchain records reveal that the recipient of the 250 million XRP is linked to Coincheck. 

Related article: XRP Price Analysis: Will the Whales Ignite a Bullish Bonfire?

The Japanese exchange activated this wallet, identified as “r99QSej32,” three months ago. Since its activation, this address has continuously received millions of XRP from Coincheck, without any outflows. Interestingly, the wallet “r99QSej32” did not receive substantial XRP inflows until this month. 

Related article: XRP Network Activity Soars Despite Decline in New Wallets

On May 9, Coincheck sent 1 million XRP to the address, followed by 10 million XRP four days later. Subsequently, Coincheck added another 100 million XRP. In addition, there have been several smaller inflows of less than a million XRP in recent days. With the recent transfer of 250 million XRP, the wallet “r99QSej32” now holds a balance of 361,680,560 XRP.

Ripple Transfers 50 Million XRP

Meanwhile, Ripple has also been moving millions of XRP to unknown wallets. Just an hour ago, Ripple transferred 50 million XRP, valued at over $25.7 million, to an anonymous destination. This transaction follows Ripple’s recent move to cash out over $100 million XRP last week, sending it to an external wallet. The Crypto Basic reported on Ripple’s sell-off move. 

These substantial transactions are occurring as XRP experiences a 2% loss in the past 24 hours, although the asset has maintained a positive gain over the week. Additionally, Whale Alert has recorded inflows of over 100 million XRP from anonymous wallets to exchanges Bitso and Bitstamp in the last few days. 

By monitoring these significant movements, the crypto community continues to speculate on the implications for XRP’s market dynamics.

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