An unknown whale address has moved millions of dollars’ worth of XRP to another unmarked address, raising eyebrows in the community.

XRP’s recent price underperformance has kept enthusiasts on their toes. Despite showing momentum today, the XRPL native token still trends below the crucial $2 support level.

Meanwhile, a Wednesday XRP shift has raised curiosity among XRP proponents. On-chain tracker Whale Alert drew the crypto community’s attention to a transaction in which an unidentified address moved hundreds of millions of XRP to another unmarked address.

Unmarked Address Shifts  $414M in XRP

On-chain data shows that the attention-grabbing transaction occurred at exactly 11.23 (UTC) on Wednesday. Whale Alert noted that an unmarked address, “rp7TCc,” moved 230.77 million XRP, worth $414 million, to another unidentified wallet address, “rHapXG.”

Meanwhile, The Crypto Basic carried out further analysis to demystify this transaction. The findings show that although they are both unmarked addresses, they share a tie with a prominent trading platform.

For context, Bithomp shows that San Francisco-based crypto exchange Kraken has an affiliation with the sending address “rP7TCc.” The prominent trading platform activated the wallet in December 2024. Since then, the address has become integral to Kraken’s on-chain transactions involving the fourth-largest cryptocurrency by market cap.

Furthermore, the receiving address also seems to belong to Kraken. This is because today’s sending address activated the wallet just last month. Moreover, the receiving address has only made one transaction since its activation, a 38.29 XRP shift to the address that activated it.

As a result, the transaction appears to be an internal XRP shuffle from Kraken. At the time of writing, the receiving address still holds the $414 million worth of XRP, with its total stash worth $418 million.

XRP Shows Bullish Momentum

Meanwhile, XRP has shown signs of life despite the escalating tariff war between the United States and China. The digital asset has rebounded from earlier bearish trends today, which saw it reach an intraday low of $1.7216, to higher prices.

At the time of writing, XRP trades at $1.8338, up 6.4% from the low and 2.50% since the start of the day. Moreover, a recent analysis suggests the token might be nearing the end of its correctional wave and may look to regain bullish momentum.

If it does, a commentary suggests that XRP may hit a minimum of $4.5 this cycle, with other targets like $17 and $45 still in the mix.