Anonymous Ripple Whale transfers 40M XRP to Bitstamp

Whale Alert states that 40 million XRP tokens were transferred from an unknown wallet address to Bitstamp crypto exchange.

By · Nov 26, 2020 . 5min read

40M XRP Ripple to Bitstamp latest news

Whale Alert, a blockchain tracking and analytics company, identified that an unknown XRP holder transferred about 40 million tokens to Bitstamp. Bitstamp is a Luxembourg-based cryptocurrency exchange. The tracking system signals that the transfer has stirred various speculations regarding the origin of this transaction. XRP has received significant value in the last few days amidst the bullish market sentiment.

According to Whale Alert, the mentioned address is linked to the genesis block of the XRP blockchain. A genesis block relates to when the first block is mined and verified on distributed ledger technology. A related transaction occurred earlier this month associated with bitcoin after an anonymous user moved more than $1 billion in bitcoin-related to a silk road darknet address.

Various speculations surround the transfer of 40 million XRP tokens.

The transfer of 40 million XRP tokens has made way for various speculations. One such speculation states that the address belongs to one of the founders of Ripple. According to some, this can be possible since the address is one of the oldest Ripple address. Thus, directing back to the blockchain genesis. Nevertheless, there is no way of validating this hypothesis, as any node on the blockchain network can mine blocks.

However, others speculate that given the prevailing cryptocurrency bull run, the founder of the Ripple wallet address has gained on the moment to drop XRP tokens. Thus, utilizing the opportunity of the price increase. Additional speculation considers that the XRP tokens moved to Bitstamp owing to the forthcoming Spark token airdrop. Spark tokens, which operate on the Flare network, are a consequence of a Ripple blockchain fork. Upon release, there will be the distribution of 45 billion Spark tokens to Ripple investors on a 1:1 XRP to Spark distribution ratio.

Nevertheless, there are no clear cut possibilities, though the swift movement of the XRP whale has agitated speculations. The most plausible reason is that the Ripple investor is gaining on the Ripple token’s recent price run. XRP price has jumped more than 100% since last week. Thus, accompanying the top two cryptocurrencies, Bitcoin and Ethereum in price gain.

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