While the cryptocurrency market is recovering, many suspicious transactions are also taking place. Finally, Tesla announced its cryptocurrency balance sheet. Accordingly, the company has sold $ 1 billion worth of BTC in recent months. However, the recent suspicious activity reveals that tens of millions of tokens have been moved from an altcoin project. Additionally, the data shows that tokens are flowing from wallets to exchanges.
Millions of tokens flowed from this altcoin project to the stock market
Suspicious transactions first surfaced on July 15, 2022. The transactions were related to the leading altcoin project Ripple (XRP). However, suspicious transactions have continued to this day despite starting on July 15. As a result, it has attracted even more attention from investors and analytics firms. The transactions were first shared by popular whale movement tracking platform WhaleStats. Accordingly, a total of $21.86 million worth of XRP was transferred from a Ripple-owned crypto address to an anonymous wallet. The amount mentioned corresponds to 60 million XRP. However, the transferred XRPs did not stop in the anonymous wallet either. Then the owner of the wallet performed another transaction. Accordingly, he transferred his XRPs to a Mexico-based crypto exchange. The exchange in question was Bitso, a global crypto exchange.
However, the suspicious transactions did not end after they were transferred to Bitso. One hour after the XRPs were transferred to Bitso, they were withdrawn to another address. This was another Bitso address or the one it originally came from. Additionally, one common feature found in every account where XRPs have been moved remains remarkable. All accounts to which assets were transferred already contained millions of dollars worth of XRP.
Will Ripple make a big announcement?
The days when Ripple saw abnormal transactions emerged last Friday. On that day, the altcoin project’s trading volume increased 12 times in two hours. Then we saw other events in the new week. Suspicious activities resurfaced in the new week. Tens of millions of dollars worth of XRP flowed from the wallet to the exchanges in a short time. The aforementioned transactions continue today and we do not know when they will end. cryptocoin.com As we reported, suspicious transactions did not directly change the XRP price. The coin hit a strong resistance level at $0.375.
Then XRP started consolidating near the top of its corridor. It is currently still taking part in this consolidation process. Transactions have no direct impact on the altcoin price. However, these dubious movements have the potential to create possible price fluctuations in the future. It is unknown what kind of logic there is behind the transactions. However, there are allegations that Ripple is making some big announcements as it is making some big announcements. However, they may also simply have shifted their XRP from an exchange to a wallet.
