#MarketDownturn #ThanksgivingBTCMoves $BTC $XRP $SOL
According to U.Today, a large XRP transaction was recently uncovered, involving the transfer of 35 million XRP, worth an estimated $58.29 million, between two unknown wallets. The move was reported by Whale Alert, a service that tracks large cryptocurrency transactions. Such transfers often attract the attention of market participants, especially when the addresses involved are unknown, as they can be seen as potential indicators of price manipulation. Given XRP’s current performance, such transactions could have a significant impact on investor sentiment.
The transaction was made between addresses “rBEc94” and “rsX8cp,” both of which remain unidentified according to the tracking service. However, data from XRPL explorers like Bithomb suggests that these addresses are linked to the major brokerage platform Uphold. Uphold is known for its continued support of XRP during the regulatory challenges posed by the SEC’s case against Ripple. The platform holds around $3.85 billion in XRP user funds, with a 100% coverage ratio. XRP trades make up 26.23% of Uphold’s total trading volume, with 22.3 million transactions.
This large transfer, amounting to around $60 million, appears to be an internal operation by the Uphold platform. Interestingly, the timing of the transfer coincided with a slight volatility in the price of XRP, which fell by more than 1.5% within six minutes of the transaction but then rose by 1.87%. Such price movements following large transactions can lead to speculation of market manipulation, although in this case, it appears to have been a routine internal transfer by a large token exchange.
