XRP coin has extended its stay in the consolidation zone for a while now, and an unknown wallet has been sent a huge volume of the asset recently. The total volume of the transaction is said to be worth about $74 million.

Unknown Whales Do the Most

On the transaction page that was shared by WhaleAlert that tracks such activities, up to 100 million XRP tokens were involved in the transactions. The coins were sent from a major crypto exchange platform to an unidentifiable wallet that presently holds a little more than 100 million XRP coins.

The eventual end of the tokens in the unknown account is currently not known since the wallet seems to continuously forward every fund it receives to smaller accounts, yet it does not look like one tied to any particular crypto exchange or an Over-the-Counter trading platform.

On a closer look, however, because the XRP tokens came in straight from a crypto exchange platform that collects KYC data from users before proceeding to withdraw their digital assets, the whale behind the transaction is then very likely known to the exchange platform’s representatives and internal operators.

As suggested by the wallet’s history and activities, it is speculated that it probably belongs, in actual fact, to a large-scale set of private investors and not some decentralized or centralized formal service. In the list of other recent transactions executed on the wallet is a transfer of up to 1.6 million XRP tokens to the crypto exchange on the 7th of March.

XRP Market Movement

Being arguably the majority when it comes to the number of digital assets in the market, XRP is not having a good time in its attempt to break through the strong range that was observed in the case of Bitcoin. As of the time of writing, XRP was marginally trading at a level it was at in the middle of February, which indicates that it is equally affected by the level of uncertainties in the market.

As trading volumes and liquidity are dropping sharply in every direction one turns in the cryptocurrency market, XRP, like its other contemporaries in the cryptocurrency market, is also failing to break over any significant level of resistance such as the trend-line resistance or even the 200-period daily moving average.

In another piece of good news, Ripple recently announced the appointment of Michael Warren to its board of directors. Michael Warren was a senior White House adviser in the first term of former President Barack Obama.