Ripple recently moved exactly 75 million XRP across multiple wallets, with 50 million tokens heading toward Coinbase addresses.
The transactions, which occurred hours ago, coincide with a mild rebound effort from XRP. Notably, Ripple eventually rerouted the 75 million tokens across different wallets before moving 50 million XRP to two Coinbase addresses.
Key Points
Ripple recently transferred 75 million XRP worth $107.25 million, leading to speculation about a selloff.The payments company rerouted the assets through multiple addresses before moving 50 million XRP to two Coinbase wallets.The latest transactions come shortly after the Cardano founder criticized Ripple for selling billions worth of XRP yearly.XRP has experienced a mild rebound, up 4.9% in the past week to become the largest gainer among the top 10.
Ripple Moves 75M XRP
On-chain data indicates that the series of transactions began yesterday, April 20, at 19:52 UTC, when “rLB…gK3,” an unmarked Ripple wallet, transferred 50 million XRP worth $71.5 million to the Ripple (50) address.
$XRP Notably, Ripple (50) consolidated its existing balance, and the recently received 50 million XRP, bringing the total balance to 121.5 million tokens. From here, it transferred 75 million XRP valued at $107.25 million to “rfR…8n8,” another unmarked Ripple address, at 22:25 UTC.
Ripple Moves XRP | Whale Alert on X
The Ripple address “rfR…8n8” was then tasked with the responsibility of dispersing and rerouting the tokens to multiple wallets. Between 22:48 and 22:50 UTC, the address transferred 15 million XRP each to five wallets: “rwt…rG9,” “rKN…L94,” “raZ…fCT,” “rLa…vcq,” and “rDK…ioc,” totaling the 75 million XRP it received from Ripple (50).
Where Did the XRP Tokens End Up?
Across the five wallets, some retained their token allocations, while others transferred theirs to different addresses. For instance, “rKN…L94” moved 5 million XRP from its allocation to “rwt…rG9” at 00:58 today. From here, “rwt…rG9” then transferred its 25 million XRP balance to a Coinbase address.
Meanwhile, “raZ…fCT” retained all its 15 million XRP, currently holding a balance of 16.46 million tokens at press time. As for “rLa…vcq,” the address moved 10 million XRP from its allocation to “rDK…ioc,” which then transferred 25 million XRP tokens to another Coinbase wallet.
This was the same Coinbase wallet the Ripple Chairman Chris Larsen leveraged for selling millions of XRP tokens last July. Overall, Ripple moved 50 million XRP to two Coinbase wallets and retained 25 million across two different addresses.
Cardano Founder Criticizes Ripple
The latest transactions come shortly after the Cardano founder, Charles Hoskinson, criticized Ripple and its business model during an interview. He argued that the way Ripple sells XRP works in the company’s favor, not for the holders.
According to Hoskinson, Ripple sells large amounts of XRP each year from its pre-mined supply, and leverages the funds to run its operations and fund deals. While this helps Ripple grow, Hoskinson stressed that the company does not offer any clear way, such as buybacks or profit sharing, to return value to XRP holders.
Hoskinson also said XRP holders do not have any ownership in Ripple or its assets. He compared this model to Tether, where the company keeps its earnings instead of passing value on to users.
Meanwhile, XRP has not reacted negatively to the recent transactions. Instead, the crypto asset has engineered a rebound effort, up 4.9% in the past week to trade at $1.43 as of press time. This makes XRP the biggest gainer among the top 10 crypto assets within this timeframe.
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