A whale investor who falls into the top 0.01% of the XRP rich list distributes over 99 million XRP tokens across two new wallets.

Market monitoring platform Whale Alert indexed the remarkable fund flow in a recent X-disclosure. In particular, the whale in question first receive 99.225 million XRP at 15:26 UTC on August 24. This transaction activated the address and marked its first activity.

Whale mixes over 99 million XRP

This single fund movement put the new wallet in the top 0.01% of the XRP Rich List. Data from community-driven resource rich-list.info confirms that this group of addresses holds balances of at least 7.46 million XRP, making them the most exclusive tier. Currently, only 529 addresses are in the top 0.01%.

However, almost 24 hours after receiving the 99.225 million XRP, the wallet in question distributed the tokens to two different addresses. Yesterday at 15:06 UTC, 2 million XRP were initially moved to a relatively older wallet. Two minutes later, the whale moved transmitted 97.225 million XRP tokens for another new wallet.

The new wallet has since held onto the tokens, maintaining its position in the top 0.01%. Meanwhile, the recipient of the 2 million XRP has continued to move portions of the assets to multiple platforms, including Nexo, KuCoin, Stake.com, Coinspaid, Crypto.com, and a host of others.

Although recent whale transactions resemble Ripple’s on-chain activity, there is no evidence linking them to the payments company. Two weeks ago Ripple transferred 146.9 million XRPwith 46.9 million tokens reaching the Bitso and Bitstamp exchanges. The company has continued to move tokens since then.

Who is behind the recent whale movements?

However, an on-chain investigation by The Crypto Basic revealed that the recent movements do not correspond to Ripple’s typical operations. Instead, these transactions involve the creation of new whale addresses to move millions of XRP. Furthermore, the wallets in question have no connection to Ripple.

Interestingly, the movement of fractional XRP to several centralized platforms such as Nexo, Stake.com, and Coinspaid suggests that the whale wallets may belong to another exchange. These smaller movements are often due to withdrawal requests from users. However, this remains unconfirmed.

Meanwhile, the recent whale transactions had no discernible impact on The price movements of XRP. XRP is currently trading for $0.5996, down 1.75% in the last 24 hours. Despite the ongoing difficulties, the XRP price is up 5.31% in the last seven days.