An unidentified large XRP transfer was seen in recent hours when, according to a report fromWhale Alert, 35 million XRP was transferred between two unknown wallets, which is equivalent to $58.29 million so far.
Such transfers are taken quite personally by crypto market participants, especially when unknown addresses are involved. It is believed that such transfers may be harbingers of price manipulation, which, given the current performance of XRP, may have a significant impact on investor sentiment.
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šØ šØ šØ 35,000,000 #XRP (58,286,649 USD) transferred from unknown wallet to unknown wallethttps://t.co/bkWk2uPIej
ā Whale Alert (@whale_alert) November 29, 2024
Thus, the transfer was made between the addresses ārBEc94ā and ārsX8cp.ā Both of these addresses are unidentified, according to the tracker. However, if we delve into the data of XRPL explorers such as Bithomb, both of these addresses belong to the large brokerage platform Uphold.
Uphold is one of the few centralized platforms that supported XRP even during the period of regulatory instability during the SEC v.Ripple court battle. According to Uphold's own data, the platform now has nearly $3.85 billion inXRP user funds. It has a coverage ratio of 100%. Trades in the token account for 26.23% of the total trading volume on Uphold, and the number of transactions is measured at 22.3 million.
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Thus, it can be stated that this transfer of almost $60 million is nothing other than the internal operations of a large token platform. However, it is interesting that at the moment of the transfer, theprice of XRP fell by more than 1.5% in the next six minutes, but then rose by 1.87%.
