Large batch of XRP being moved away from exchange to wallet with suspicious activity
Another large batch of XRP was moved by anonymous Bithumb users to an unknown wallet, according to transaction tracking service WhaleAlert. As the website suggests, nearly $80 million worth of coins were moved nine hours ago.
The wallet that received such a large sum from the exchange currently holds 85 million XRP and constantly makes large transactions to other entities on the network. Most recently, the wallet has transferred 35 million XRP coins to two anonymous wallets.
Before receiving $120 million from the exchange, the wallet ending in “ZcEXg” received 90 coins on February 18 and then redistributed the funds between smaller wallets.
The behavioral pattern of the wallet could suggest that it is owned by an exchange or another platform that actively works with users and transactions, as it constantly receives large sums and breaks them into smaller batches.
Some exchanges use separate wallets to initiate withdrawals rather than keeping the funds in a single wallet, which is used for fund redistribution.
XRP’s market performance
Unfortunately for its investors, XRP failed to resist the general trend on the market and lost more than 8% of its value in the last 24 hours. The general risk-off on the market caused it to fall below the important psychological resistance zone of $0.7.
At press time, XRP is trading in the $0.64 area, which matches the price previously seen in early February. The only metric or indication in the market right now is volume which remains at a high level from yesterday.
