Today, Whale Alert reported a significant transfer of 150 million XRP between two addresses. One address remains unknown, while the other is linked to Ripple. Thus, one of the addresses retains the owners’ anonymity, whereas the second address is associated with Ripple. On-chain data from Bithomp reveals that the recipient address, ‘rP4X2h,’ linked to the Ripple wallet, was created in 2023 with a 70 million XRP transfer, and before this trade, the address possessed 103.4 million XRP.
Soon after receiving another 200 million tokens, 50 million XRP were sent to another unidentified address, “rhWt2bh.” The nature of the transaction is somewhat ambiguous due to its relation to Ripple and the wallet size. Many spectators suggested that the address could be owned by Ripple or one of its partners.
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XRP Price Volatility Amid Large Transactions
This week, XRP has been on a roller coaster of sorts, moving up and down within the range of its price. However, after starting the week in the green, the cryptocurrency has since had a correction. In this context, it should be noted that beginning on July 9, 2024, XRP is in a zone that confident analysts define as high risk. Even if the coordination of the price later may differ depending on the source, it can be stated that XRP has pulled back from its higher ground.
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The size of the transactions and the consequent variation of the value reflect the non-stop speculation of the cryptocurrencies. While the substantial transfer of XRP raises questions about Ripple’s strategy, the immediate impact on XRP’s price remains uncertain.
Therefore, one will agree that the transfer of 150 million XRP has caused a stir among cryptocurrency enthusiasts. Regardless, this movement seems to be a part of Ripple’s long-term plan, or a simple transfer has not been beneficial for stabilizing the price of XRP. Analysts will now be observing XRP in the coming days since the market remains active in responding to these changes.
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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.