15 million XRP transferred from Nexo to Kraken; is a dump en-route?

[Magician]

 
 
With the market constantly changing, all eyes are glued to the price of the king coin, Bitcoin [BTC]. However, as it slipped under $8k, it was registering sideways movement. The only coin to remain outside the purview of BTC’s rise and fall was XRP.

However, following the whole ruckus in the market, major XRP transactions took place. Whale Alert, a tracker of large transactions in cryptocurrencies, alerted the community of one such transfer that took place. An account identified as ‘Nexo’ transferred 15 million XRP worth $5,968,115 USD to Kraken’s exchange wallet.

Nexo defines itself as the world’s first Instant Crypto Credit Line, which led users to speculate, could it be crediting XRP for an incoming dump? Twitter user @CryptoGodAnubis said,

“So NEXO is a crypto credit lender.. so did someone just take out a huge credit just to make another dump on the market? 👀🤔”

The wallet address of the sender was noted to be rnuPTVikw8HKK4hBGCtnq2J2433VYaZPZQ and the receiver’s address was noted to be rLHzPsX6oXkzU2qL12kHCH8G8cnZv1rBJh. The transfer took place on Wednesday, June 5 at 07:03:11 UTC. The hash rate of the transfer was noted to be A51BBA80D189997BC61BCB9C10C0DFCEC544F7ED80C64B5DA6ED27CAEF52B103. Following are the transaction details,

Source: Whale Alert

After receiving 15 million XRP, Kraken’s XRP balance stands at 551.669 million and has activated 200 wallet addresses, while Nexo wallet activated by Binance holds 49.151 million in XRP. Nexo has activated two more wallets with addresses rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk and rDvHCNQVzHZTpfBnTMftkMRSkUt37WFsTr, with 7800000 XRP and 50000 XRP, respectively.

As large transactions with most major coins are on the rise, XRP’s price fell by 2.71% over the day and was valued at $0.4034. The market cap of the third largest cryptocurrency was noted to be $17.02 billion, with a 24-hour trading volume of $2.19 billion. Over the past seven days, XRP fell by 8.44% and continued to tumble by 0.48% within the hour.

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