Whale Transfers 240.85 Million XRP Worth $127 Million to Unknown Wallet

• A recent financial audit reveals that a whale moved 240.85 million XRP, valued at $127 million.
• The recipient wallet has been consistently receiving large XRP transfers from Coincheck since February 2024.
• The whale transaction occurs as XRP battles to reclaim and retain the $0.53 price threshold amid the current market lull.

A financial audit conducted recently has uncovered a significant whale transaction involving 240.85 million XRP, equivalent to $127 million. According to data provided by Whale Alert, a blockchain tracking service, the transaction originated from Coincheck, a prominent Japanese cryptocurrency exchange, and was sent to an unknown wallet.

Blockchain records indicate that the transaction took place today at 07:13 UTC. Interestingly, this is not an isolated incident, as the same recipient wallet was involved in another substantial transfer just days prior.

240,850,537 #XRP (127,054,365 USD) transferred from #Coincheck to unknown wallethttps://t.co/9IWhabU8UA

— Whale Alert (@whale_alert) May 23, 2024

As reported by Crypto Basic on Monday, Coincheck transferred 250,000,000 coins, worth $129,015,796 at the time, to the same wallet address. This consistent pattern of high-volume transfers to the recipient address has garnered attention from the cryptocurrency community.

Coincheck’s Connection to the XRP Recipient Wallet

The recipient wallet’s association with Coincheck can be traced back to February 2024, when the exchange first activated the wallet. Since then, the address has been the recipient of consistent large XRP transfers from the Japanese exchange.

Records suggest that the wallet belongs to Coincheck itself, indicating that these transfers are likely in-house movements. Notably, the wallet has only moved out 300K XRP since its activation, raising questions about its purpose and the ultimate destination of the funds. Currently, the wallet holds a balance of 602 million XRP tokens.

The latest whale transaction comes at a time when XRP is battling to reclaim and maintain its position above the $0.53 price threshold, amidst a general market lull. At the time of writing, XRP is trading at $0.5248, representing a 1.95% decrease over the past 24 hours. Additionally, the trading volume for XRP in the last 24 hours stands at $1,128,713,764, marking a significant 30.05% decrease.

The recent whale transaction involving 240.85 million XRP, worth $127 million, from Coincheck to an unknown wallet has caught the attention of the cryptocurrency community. This transfer is part of a larger pattern of high-volume XRP movements from the Japanese exchange to the recipient wallet, which has been active since February 2024.