Internal $60 Million XRP Transfer Between Uphold Wallets Seen in Recent Hours

An unidentified large XRP transfer was seen in recent hours when, according to a report from Whale Alert, 35 million XRP was transferred

A large XRP transfer was detected by Whale Alert on Monday, with 35 million XRP, valued at $58.29 million, being moved between two unidentified wallets.

The transfer, which occurred at 01:04:02 UTC, was flagged by the crypto tracker as being a movement of an "unidentified large amount" of XRP. The XRP was transferred from the wallet address rBEc94 to another unknown address, rsX8cp, according to the tracking service.

However, upon further investigation, it appears that both addresses belong to the cryptocurrency brokerage Uphold, as indicated by the XRPL explorer Bithomp.

This notably contradicts the "unknown" status initially assigned to the wallets by Whale Alert and other crypto trackers. Uphold is among the limited number of centralized platforms that continued to support XRP during the period of regulatory uncertainty brought on by the SEC's lawsuit against Ripple.

According to data provided by Uphold, the platform currently holds close to $3.85 billion in XRP belonging to its users, with a coverage ratio of 100%. XRP trades account for 26.23% of the total trading volume on Uphold, out of a total of 22.3 million transactions.

This suggests that the large transfer, which was initially reported as being from an unknown wallet, may have actually been an internal operation within Uphold. Interestingly, at the time of the transfer, the price of XRP dropped by over 1.5% in the next six minutes, before increasing by 1.87%.