In a striking series of XRP transactions, blockchain monitoring platform Whale Alert reported that Ripple, the prominent San Francisco-based blockchain company, moved over 570 million XRP within the last 20 hours. The cryptocurrency transfer coincided with a notable price rise in XRP, which climbed to $0.57825, marking a strong performance day.
Whale Alert, which tracks large cryptocurrency transactions, detailed that two significant XRP transfers occurred within an hour, with the second and largest initiated by Ripple. The first transfer recorded carried 100 million XRP, valued at $53.27 million, and was quickly followed by a massive transfer of 470 million XRP, worth an estimated $250.45 million. Both transfers occurred approximately 14 hours ago, underscoring Ripple’s active involvement in handling vast sums of XRP.
Source:@whale_alert
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Ripple’s Wallet Activity Shows Ongoing Large-Scale Transactions
The XRP-focused blockchain explorer Bithomp reported that Ripple sent the enormous 470 million XRP transfer to an anonymous blockchain wallet. The disclosed records also introduced Ripple’s association with this wallet, creating even more curiosity regarding the destiny and function of such finances. After observing this, Bithomp saw a transfer of 100 million XRP in the corresponding wallet, with the ultimate destination unknown.
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Ripple has undertaken significant XRP transactions over the years, more often associated with liquidity and operational costs. The company regularly executes large volumes of XRP transactions, with many of them presumed to be trading of XRP. The funds garnered are applied towards the firm’s operational expenses and, more so, legal fines that Ripple faced after being taken to trial by the SEC over the categorization of XRP.
Conclusion
The latest transfer of over half a billion XRP reflects Ripple’s continued strategy of moving large quantities of cryptocurrency, underscoring its presence and influence within the blockchain space. The price surge to $0.57825 alongside these substantial transfers further highlights the market’s interest in XRP, particularly as Ripple remains an active player in the market.
Also Read: XRP Faces Crucial Period Amid Ripple’s SEC Litigation and Political Changes
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.