As XRP price made sudden jump, massive XRP transfers have been made, one of them initiated by Ripple
According to Whale Alert, Ripple transferred a staggering 120 million XRP to an anonymous wallet slightly over 15 hours ago. Previously, a slightly larger XRP lump was transferred on XRP Ledger between anonymous wallets. This brings the total transferred amount to 250 million XRP.
Nevertheless, XRP increased by over 25% earlier today, reaching $0.49. At the time of writing, Ripple’s native token is changing hands at $0.4387.
XRP/USD 4-hour chart | Source: TradingView
According to the above-mentioned tracker, the Ripple crypto behemoth transmitted 120,000,000 XRP to an unknown address. This is the same as $57,669,946. According to data published by the Bithomp XRP explorer, Ripple transferred the XRP chunk to one of its reserve addresses before sending around 50 million XRP to another wallet owned by it.
🚨 🚨 🚨 🚨 🚨 120,000,000 #XRP (57,669,946 USD) transferred from Ripple to unknown wallethttps://t.co/Bv3zE0STXY
— Whale Alert (@whale_alert) March 21, 2023
The fintech behemoth possibly aims to sell all or a portion of this massive cryptocurrency. The transfer of 130,000,000 XRP was another transaction mentioned by Whale Alert. The tracking platform identified the sender and receiver as anonymous addresses; however, further study into the Bithomp-shared data reveals that this was an internal transfer performed by Bithumb.
🚨 🚨 🚨 🚨 🚨 130,000,000 #XRP (50,296,136 USD) transferred from unknown wallet to unknown wallethttps://t.co/pwSQrP6N8W
— Whale Alert (@whale_alert) March 21, 2023
As AZCoin News mentioned above, XRP significantly climbed, reaching $0.49 following a 25% increase. Unfortunately, the coin has lost some recent gains and is now trading at $0.43. This price increase was likely caused by growing optimism that the SEC litigation against Ripple Labs would be resolved shortly. Addressing the World Economic Forum in Davos earlier this year, Ripple CEO Brad Garlinghouse stated that he expected the judge to decide in the first half of this year.
Read more:
- Ripple-Backed XRPL’s Aims To Provide Digital Payment Infrastructure For Central Banks And Financial Institutions
- Relevance Of Former SEC Official William Hinman Documents In Other Litigations Will Affect Ripple