The cryptocurrency market was soaring as prices of most major cryptos sky-rocketed. However, this green market distracted crypto-users from several large transactions that took place on May 30.
Whale Alert, a tracker of large cryptocurrency transactions, alerted the community of 14 XRP transfers that took place from Ripple to multiple unknown wallet addresses. Whale Alert identified the sender’s wallet address, r9wz7EgGgMpvYqUHxVnaLhwsxohiQBcJkp, to be Ripple [Exchange]. Out of the 14 transactions, two transactions were large XRP transfers within the Ripple wallets.
Ripple’s wallet highlighted that it had activated three accounts using its wallet address on May 29. These addresses were,
The third address, rB6By8tVCyKJhLqzmmgQG2f4GPrvHSgMqJ, activated another wallet, rJo1PRKKNytK3tXxg54PsCB3w2kjKi7PrA, after the payment of 1,100 XRP as fees. After investigating further, it was found that this new wallet was the same as the anonymous wallet that received 7,812,400 XRP on May 30.
This new wallet address, rJo1PRKKNytK3tXxg54PsCB3w2kjKi7PrA, activated another wallet address with 1,000 XRP and received the same amount as the ‘parent’ one from the Ripple Exchange wallet. It was noted that each of these newly formed addresses activated a new wallet address, which was used by Ripple Exchange to transfer 7,812,400 XRP. Along with the three wallet addresses, there were 11 new addresses activated to transfer 7,812,400 XRP each.
In total, the transfer registered approximately 9,426,979,300 XRP, including the activation fee paid by individual accounts. This activation fee alone amounted to 5,600 XRP.
What does this mean?
The comment section of these alerts on Twitter speculated an ongoing pump. XRP’s price since the beginning of the year had been stagnating and the coin did not actively participate in any of the bullish ripples. This major movement of the funds has provoked crypto-enthusiasts in asking the question,
“Is it already dump day at #ripple?”
However, another Twitter user @namch3n, said,
“I think someone who say Dump is so stupid. I ‘m sure this amount is one deal for big Organization. Of course, they don’t buy to dump.”