An unexpected XRP transaction involving over 98 million tokens has drawn widespread attention across the crypto community. Whale Alert, a well-known blockchain tracking platform, detected the movement of 98,292,623 XRP valued at $219,121,793.
This massive transfer was sent from an anonymous wallet to a newly activated address. Data shows that the receiving wallet has only two incoming transactions, with the latest being this substantial amount.
The identity of the sender remains unknown, leaving room for speculation about the motives behind the move. Certain analysts propose that the transaction might represent an over-the-counter purchase, thus revealing the potential entry of a new major XRP investor.
However, other experts speculate that this transaction might display existing whale asset management rather than the emergence of a new massive XRP holder. The unusual nature of this transference is further enhanced by the dormant status of the wallet receiving the transaction before this event.
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In another significant movement, Whale Alert also recorded the transfer of 29,532,534 XRP, worth approximately $68.7 million, just days earlier. Closely scrutinized due to its unorthodox nature, a Coinbase wallet moved the XRP funds within its internal system.
XRP-related activities this week gained elevated interest because this transfer added additional intrigue.
Rising Speculation Amid Regulatory Delays
Large XRP movements are stirring questions among market participants while regulatory hurdles continue to stall progress on XRP-related financial products. Recent rumors claimed that ProShares would be launching an XRP futures ETF, but these claims were based on an old filing dated April 30.
Bloomberg later clarified that the reports were inaccurate and lacked confirmation from the company. The ETF application waits for final U.S. Securities and Exchange Commission authorization since authorities plan to release their verdict in mid-May.
Moreover, the SEC delayed its final review of the proposed XRP ETF submission made by Franklin Templeton. Following their March submission for a Solana ETF, the company filed another application with the SEC. The authorities have not provided any updates regarding approval scheduling.
Ultimately, market watchers are unable to determine the purpose of this massive XRP token transfer totaling 98 million units. The market monitors XRP because of regulatory uncertainties together with rising whale actions and delayed approvals.
Also Read: SEC Delays XRP ETF Decision Until Ripple Appeal Update Sparks Suspicion
