XRP’s trading volume surges 11% in 24 hours as 412 million XRP worth $213 million mysteriously moves between unknown wallets.

Over the last day, XRP’s trading volume witnessed an 11.68% surge, with traders conducting transactions almost clocking one billion dollars in XRP. Specifically, market participants traded $818,754,046 XRP in the last 24 hours.

This substantial uptick in trading activity corresponds to significant XRP movements orchestrated by influential cryptocurrency investors, otherwise called whales.

Nearly Half a Billion XRP on the Move

Specifically, Whale Alert, a well-regarded platform for monitoring substantial crypto transactions, recently documented the transfer of 412,334,412 XRP. At the moment of this transfer, the transaction held a value of $213,373,038. This transaction occurred within the last 24 hours.

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However, what particularly sparked intrigue was the source and destination of the 412 million XRP tokens. According to Whale Alert, the nearly half a billion XRP left an unknown wallet for another unidentified address.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 412,334,412 #XRP (213,373,038 USD) transferred from unknown wallet to unknown new wallethttps://t.co/RwxK11QEZJ

— Whale Alert (@whale_alert) October 22, 2023

Besides, on-chain data does not provide a clear hint of the entities behind the transactions. According to XRP explorer Bithomp, the source address was created five days ago with six significant XRP transactions. Meanwhile, the destination wallet came live yesterday, and the 412.33M received XRP is its sole transaction.

However, some crypto market participants suggest the two wallets belong to the Bitvavo crypto exchange. Notably, this speculation may result from the fact the source wallet transferred 510,000 XRP to a Bitvavo-controlled address yesterday.

An X user remarked on the recent transaction:

“Every few days, this person creates a new wallet, transfers everything to it, and then a good bit out to Bitvavo and repeats. Adding a little here and there along the way.”

Besides, it is worth mentioning that Bitvavo is renowned for moving XRP about ‘unknown’ wallets. Last week, the exchange moved 409,776,402 XRP worth over $201.6 million to an untagged address. 

1,663,160,814 XRP Moved this Month

Notably, Whale Alert has repeatedly captured substantial XRP tokens moving in and out of exchanges as well as unknown addresses this month. Cumulatively, XRP whales have 1,663,160,814 XRP coins worth $880,477,334 ($880 million).

Also, the crypto entities leading the significant XRP movement so far this month include Ripple, Upbit, Bitvavo, Bitstamp, Crypto.com, and Bitso.