Ripple Labs made a bold move by transferring 250 million XRP, valued at $122.50 million, to an undisclosed wallet, causing a stir in the market.
The transaction, along with subsequent transfers, has left many speculating about the intentions behind the move, especially during a bearish trend in the market. The transfer took place on June 21, significantly impacting the dynamics of the XRP token.
The transfer of 250 million XRP from Ripple to the mysterious wallet address rP4X2hTa7A7ud raised eyebrows, with many predicting potential price fluctuations for XRP in the near future.
The news of this big XRP transfer was shared by the tracker Whale Alert, reporting the significant amount moved by Ripple to the unidentified wallet. The receiving address was found to hold 270.95 million XRP at the time of reporting.
The ongoing battle between Ripple and the U.S. SEC has also contributed to the uncertainty surrounding XRP’s performance in the market. The fact that the wallet address rP4X2h later transferred 50,000 XRP to another address only added to the mystery surrounding the large transaction.
As of now, XRP is trading in the red, in line with the broader crypto market trend. Data from CoinMarketCap shows XRP’s price at $0.4867, marking a 2.03% decrease in the last 24 hours. However, the coin has seen a 1.79% increase over the past seven days.
The derivatives market has also been impacted, with Coinglass reporting a 0.90% decline in Futures Open Interest, currently at $559 million. Despite this, the derivatives volume has seen an 18.73% increase to $1.01 billion, potentially leading to the erratic fluctuations seen in XRP’s price today.
The symmetrical triangle formation on XRP’s price chart, as highlighted in a previous CNF report, suggests a breakout could be on the horizon. Stay tuned for more updates on Ripple (XRP) news and market insights.