Crypto

Half a Billion XRP Worth Over $161,000,000 Leaves Crypto Exchange Kraken: On-Chain Data

On-chain data reveals that an XRP whale transferred more than $160 million worth of XRP from a top crypto exchange.

According to blockchain tracker Whale Alert, XRP valued at approximately $161.2 million was moved from crypto exchange Kraken to an unknown wallet.

“500,000,000 XRP (161,221,368 USD) transferred from Kraken to unknown wallet.”

The transaction cost 0.000012 XRP or approximately $0.00000395 on the XRP Ledger. The XRP Ledger or simply XRPL is a decentralized blockchain which uses XRP as the native cryptocurrency.

XRP is trading at $0.3295 at the time of writing.

According to on-chain data of the recipient wallet, the deposit of 500 million XRP is the largest amount received by the address since an infusion of 300 million XRP in November of 2021 from Kraken. All other transactions recorded by the address between then and now have involved amounts of one XRP or less.

The massive transaction comes days after analytics firm Santiment revealed that transactions by XRP whales had reached a three-month high. Santiment said that on-chain XRP transactions valued at over $100,000 had reached levels last recorded in May. The analytics platform also disclosed that sentiment on XRP had risen to a four-month high.

“XRP is seeing notable whale activity, as well as high optimism, in Friday’s closing trading hours. We’ve picked up a spike of $100,000+ XRP transactions that hasn’t been equaled since May 13th. Additionally, sentiment is at its highest since April.”

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Featured Image: Shutterstock/Pattern Trends

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