Blockchain tracking and analytics company, Whale Alert identified that an anonymous XRP holder moved around 40 million tokens to Luxembourg-based cryptocurrency exchange, Bitstamp.
The tracking system also notified that the recent transfer has created many speculations about the origin of this transaction as the address associated with it has been dormant since 2013. XRP has gained significant value in the last few days amid bullish market sentiment.
Additionally, Whale Alert claimed that the mentioned address is associated with the genesis block of the XRP blockchain. A similar transaction happened earlier this month related to bitcoin after an unidentified user moved more than $1 billion in bitcoin to an address linked with the silk road darknet.
“40,000,000 XRP transferred from unknown wallet to Bitstamp, the sending address for this transaction has been dormant since 2013 until 2 days ago and is connected to one of the genesis addresses,” Whale Alert tweeted.
The latest transaction shows that the genesis block of leading cryptocurrencies still holding a significant amount in key addresses. By definition, genesis block is the first-ever block mined on a blockchain, and that is why most people relate genesis block to the founders of a cryptocurrency. The transfer raised many speculations including a theory that the mentioned address belonged to one of the founders of Ripple.
XRP price has jumped by more than 100% since last week, leaving behind the top two cryptocurrencies, Bitcoin and Ethereum in price gain. Finance Magnates earlier reported that Ripple posted strong financial results in Q3 of 2020. The average daily volume (ADV) jumped from $196.28 million in Q2 to $403.58 million in Q3. The total XRP volume jumped to $37.13 billion in Q3 as compared to $17.86 billion in the second quarter. Ripple recently opened regional headquarters in Dubai International Financial Center as the San Francisco-based blockchain solution provider for global payments plans to move away from the US.