• Sat. Jun 22nd, 2024

Potential Exposure Of Ripple And XRP To SVB Triggers To Move XRP



Mar 13, 2023

The whales have been making huge transactions for XRP, which has reportedly raised many concerns among the entire Ripple community.

It wouldn’t be much of a big deal under normal circumstances. However, given the recent developments involving the Silicon Valley Bank and the Silvergate Bank, these activities have become quite alarming.

XRP Movements Recorded Recently

Several whale addresses of XRP and Ripple have become quite active involving the XRP tokens. These wallets have reportedly moved a tremendous number of XRP tokens recently.

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The reports claim that in just less than a couple of hours, almost 1 billion XRP were moved by the whales. Although the movement might be a normal thing for the whales, the investors are concerned about this move.

The data is suggesting that around 916.3 million XRP tokens were moved and it was carried out in multiple transactions.

The detailed information suggests that these many tokens were moved in a total of 8 transactions. It has been pointed out that both Ripple and the whales were involved in carrying out these transactions.

The whales were responsible for nearly 716.3 million XRP while Ripple was responsible for moving around 200 million XRP tokens.

Move Made by Ripple

The report suggests that the huge movement of XRP tokens was initiated by the whales. They were responsible for launching the cluster of transactions.

A whale tracking platform, Whale Alert, has reported that Ripple was involved in the 200 million XRP movement. The sum of the tokens translates to $72.7 million.

It was witnessed that the transaction originated from the Silicon Valley Bank (SVB). It was on Sunday when the transaction was triggered and the tokens were sent to an address whose whereabouts are unknown.

Not much is known about the wallet that received the 200 million XRP tokens. The tracked data does show that Ripple had reportedly activated the particular wallet.

This has raised many concerns among investors asking if Ripple has some sort of affiliation with the Silicon Valley Bank. This raises even more concerns as to whether Ripple (XRP) is exposed to the bank or not.

Suggestions about the Funds

While the majority of the investors are concerned about the whereabouts of the XRP tokens and Ripple’s Affiliation with the SVB, some have come up with their own suggestions.

Some experienced investors have suggested that the funds being moved might be the ones that were released from the escrow in March. It was revealed that a release of 1 billion XRP tokens was recorded.

Right after the release, 300 million XRP were sent by Ripple over to an affiliated address. The activity was witnessed on the 1st of March, 2023.

Crypto Basic, a crypto analytics firm has revealed that out of the 300 million XRP tokens, 100 million tokens were sent to an address on March 6. Once again, the particular wallet was unknown.

Surprisingly, it is the same (unknown) wallet where the 200 million XRP tokens have been sent. This means that the particular wallet is now in possession of 300 million XRP.

The analysts are predicting that Ripple might be holding on to these tokens to ensure that the liquidity issues on the exchanges for XRP are catered to.

It is suggested that the funds from the particular wallet have already been routed to multiple addresses belonging to Bitstamp and Bitso.

Movements by Whales

Right after the transactions carried out by Ripple, two major XRP whales became active. These two whales proceeded with moving 245.5 million XRP tokens, which translates to $88.9 million.

These two addresses are unknown as well so it can’t be said who the whales are exactly.

Then there was a transaction for 278.5 million XRP, followed by 31.3 million, and 161 million XRP tokens. The total sum of the XRP transactions that these whales carried out amounted to 716.3 million XRP tokens.

The total value of the tokens transferred by the whales translates to $259.33 million.

The investors are now worried that if Ripple is exposed to the SVB, it can turn into a disaster for the network.

They are also worried that the whales moving the tokens may sell the tokens causing a major selling spree for XRP tokens.


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