XRP has experienced a notable rise in value within the past 24 hours, capturing the attention of traders and investors. The cryptocurrency surged by 3.83%, reaching a two-week high of $2.30 amid increased market activity. This surge was triggered by the news of a new XRP proposal appearing on the SEC website and other developments linked to Ripple.
Notably, the spike comes after two significant XRP movements linked to Ripple, a leading cross-border payments provider. Ripple’s involvement with XRP spans remittances, money settlements, and liquidity solutions, making its actions influential in the asset’s market behavior.
Also Read: Good News Underway? New Proposal for XRP Appears on SEC Website
Ripple Transfers Over $1 Billion in Two Separate Tranches
Ripple initiated two substantial XRP transactions totaling 390 million XRP. The first transaction moved 300 million XRP, valued at approximately $822 million, to an address labeled “rP4X2.”
This wallet has been in operation since 2023, but its connection to Ripple remains unverified. This has led to speculation about whether it belongs to the company or an external entity.
The second transfer involved 90 million XRP, worth roughly $246.6 million, sent to another wallet, “rhWt2.” This address has been active for two years but was not activated by Ripple, making its ownership uncertain.
These transfers did not align with Ripple’s usual monthly escrow releases. The sudden movement of such large volumes of XRP has sparked discussions about potential strategic intentions behind these actions.
XRP’s Trading Surge and Market Reaction
Market data shows that XRP is currently trading at $2.30, reflecting a 3.83% increase in the past 24 hours. The market capitalization has reached $134.04 billion, up 3.93%, while the 24-hour trading volume has climbed to $5.76 billion, an increase of 3.48%.
The price chart highlights a period of volatility, with XRP bouncing back from a low of $2.235. The steady recovery and strong buying momentum indicate growing interest from both retail and institutional investors.
Source: CoinMarketCap
Strategic Reserve Proposal on SEC’s Website
Meanwhile, a recently surfaced proposal is stirring discussions within the XRP community after being posted on the SEC’s website.
The document, submitted by financial advisor Maximilian Staudinger, suggests that the U.S. government should adopt XRP as a strategic financial asset to improve liquidity, reduce transaction costs, and modernize the financial system.
The timing of this proposal aligns with Ripple’s large XRP transfers, fueling speculation that these movements are connected to anticipated regulatory developments. If the proposal gains traction, XRP may play a more significant role in institutional finance, potentially influencing its long-term valuation and adoption.
XRP’s price increase aligns with these developments, fueling speculation about its future role in financial markets. However, broader economic conditions and investor sentiment have also played a part in the recent price movement.
Ripple continues to hold 37.44 billion XRP in escrow, releasing portions gradually each month. However, the latest transactions deviated from this structured release, adding further intrigue to the situation.
The crypto market remains focused on XRP’s price movement and Ripple’s actions, with traders closely monitoring any further transfers or regulatory updates that could impact its valuation.
Also Read: Here is a New Insider Scoop Why the Ripple vs. SEC Settlement is Delayed
