In the cryptocurrency world, news about altcoin XRP has started to increase recently. Parallel to this, there are also reflections on the price. There were significant increases for Ripple, especially with the court process. However, afterwards the price decreased again. There is a significant selling wave now. Let’s look at the details.
Ripple sells 105 million altcoin XRP as token price rises
In a remarkable turn of events, blockchain giant Ripple was involved in significant XRP transfers as the altcoin experienced a surge in XRP token price. Accordingly, large XRP movements were detected. According to recent reports from Whale Alert, Ripple Labs, headquartered in San Francisco, transferred approximately 80 million XRP to a wallet categorized as “unknown” by the crypto tracking platform.
There is also another process highlighted by Whale Alert. Accordingly, it involves the transfer of 30 million altcoin XRP from an anonymous address to the Bitstamp exchange.
Notable ripple activities
The cumulative effect of these transfers, with Ripple transferring a total of 105 million altcoin XRP, is quite large. Information provided by XRP-focused analysis platform Bithomp reveals that the second transaction, involving 30,000,000 XRP sent to Bitstamp, was also initiated by a wallet affiliated with Ripple. This shows that Ripple has once again made a significant crypto transfer with a fiat value equivalent to $52.8 million through these two transactions.
Bithomp’s data shows that Ripple initially transferred 75,000,000 of the altcoin XRP to one of its wallets. It also points out that he then transferred 46,000,000 XRP to an anonymous address. This series of transactions appears to be related to over-the-counter (OTC) trading or fund redistribution conducted by Ripple.
Mysterious XRP transactions
Over the weekend, Ripple received 100,000,000 of the altcoin XRP from an address categorized as “unknown.” This address was later determined to belong to the Canadian cryptocurrency exchange SideShift. The purpose behind this transfer has not been disclosed yet. There have been similar transfers from cryptocurrency giant Binance to Ripple’s wallets before. These were detected by Bithomp. Notably, neither Ripple nor the parties involved have made an official statement regarding these transactions.
XRP, currently the fifth largest cryptocurrency, has exhibited notable price movements. It has recorded a 4.38 percent increase in value since Monday. Despite a small decline, the altcoin XRP price has risen steadily. Accordingly, it has gained 3.96 percent since the beginning of the week. As of the last update, XRP is trading at $0.50896 on the Bitstamp exchange. When we look at it as Kriptokoin.com, Ripple’s recent XRP transfer rush attracts attention. Accordingly, it coincides with the increase in the market performance of the altcoin XRP. The move further highlights the intrigue surrounding these major moves in the crypto world.
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