Crypto Whale Transfers 40 Million XRP From Dormant Wallet

Crypto Whale Transfers 40 Million XRP From Dormant Wallet

The crypto community has again been taken aback by the recent high-value transfer of XRP made by a crypto whale. According to the transaction details, the whale moved 40 million XRP from a wallet that has been unused since 2013.

Furthermore, the transfer, which was said to have been worth around $29 million when it was made, has been linked to Bitstamp, a crypto exchange with its base of operation in Luxembourg. The transaction that was revealed by a renowned Twitter bot that tracks high-value transactions, Whale Alert, has generated massive rumors as regards its origin.

Whale Alert bot says the transfer was made from an XRP genesis block

Going by the details of the transaction released by the Twitter bot, the wallet that made the transfer of the XRP has been unused for close to seven years. Furthermore, Whale Alert also said that the address has close ties to the genesis block of the XRP blockchain. According to its definition, a genesis block becomes the basis of the distributed ledger system, provided it is the first-ever that was mined on the blockchain. A typical example is the case of Bitcoin, which had its first-ever block (genesis block) mined by the creator of the digital asset, Satoshi Nakamoto.

With this information in mind, the crypto community and analysts believe that whoever might have triggered the transfer must be one of Ripple’s founding members. However, no one can adequately confirm this because anybody can use any node on the blockchain to mine a genesis block. A recent report shows that XRP has been performing significantly well in the crypto market in the past few weeks as it has seen its price soar to $0.68 from its previous selling price of $0.27, gaining 150% in the process.

XRP’s recent performance tied to Spark token rewards frenzy

Meanwhile, the same feat cannot be boosted by the leading digital asset, Bitcoin, as it has only been able to register a rise around the 18.3% region in the process. Even though Bitcoin has failed to register a huge jump, its price has moved from its previous $16,125 to a little bit above $19,000 at the same time.

Analysts have pointed to an ideology behind the transfer as most of them have said that a founder is taking full advantage of the recent bull run to dump all his assets on the market and take the profit. Another major influence that triggered the decision was the upcoming airdrop reward of the Spark token that Ripple wants to host in the coming weeks.

With those in mind, another set of analysts has argued that this has been the norm in the last three years as various wallets linked to the genesis block have been sending funds to the Luxembourg based crypto exchange. The upcoming Spark token airdrop has given XRP holders more reason to hold more of the digital asset as the company has promised holder a 1:1 ratio reward of Spark token on the number of XRP that they hold.

David Pražák