Whale Alert: Ripple Sends 200 Million XRP Into The Shadows

San Francisco-based Ripple has transferred 200 million XRP tokens, worth approximately $400 million, between company-controlled wallets. The massive movement occurred today and was first spotted by cryptocurrency tracking service Whale Alert.

Tracking The Money Trail

The transaction initially appeared to be heading to an unknown destination when Whale Alert reported the funds moving to an unidentified address ‘rP4X2…sKxv3’. But blockchain analytics platform Bithomp later clarified that both the sending and receiving wallets belong to Ripple.

The receiving wallet was created by Ripple on October 2, 2023, with an initial funding of 70 million XRP. Since its creation, this wallet has only interacted with other Ripple-linked addresses, strengthening the evidence that this was an internal transfer rather than funds moving to an outside entity or exchange.