- Ripple Labs transferred 250 million XRP, worth $122.50 million, to an unknown wallet, sparking speculation.
- The transaction and subsequent transfers have clouded the motive behind them, adding to market speculation amidst a bearish trend.
Today, June 21, Ripple Labs transferred a significant amount of XRP, affecting the token’s market dynamics.
250 million XRP were transferred from Ripple to an unidentified wallet. This transaction has sparked a flurry of speculation regarding the future price swings of XRP.
Big XRP Transfer by Ripple
A $122.50 million transfer of 250 million XRP from Ripple to the unidentified wallet address rP4X2hTa7A7ud was reported in a post by the tracker Whale Alert. According to Bithomp’s data, this address held 270.95 million XRP at the time of writing.
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🚨 🚨 🚨 🚨 🚨 250,000,000 #XRP (122,504,132 USD) transferred from #Ripple to unknown wallethttps://t.co/hSvEwAqyjY
— Whale Alert (@whale_alert) June 20, 2024
The deal has mostly increased conjecture because XRP is under pressure from changing supplies in the current bearish cryptocurrency market. The continuing dispute between Ripple and the U.S. SEC has also made the coin perform worse.
Significantly, rP4X2h moved 50,000 XRP to a different address shortly after moving the 250 million coins to the address. This extra activity has made the huge transaction mysterious and blurred its motivation.
Current Market Performance
XRP is trading in the red as of right now, following the declining trend of the larger crypto market. CoinMarketCap data show that the price of XRP is now at $0.4867, down 2.03% over the last day. Notably, though, XRP has increased by 1.79% in the last seven days.
Derivatives Market Impact Coinglass data showed a 0.90% decline in the Futures Open Interest of the coin, which is currently $559 million. Fascinatingly, the derivatives volume increased by 18.73% to $1.01 billion. The erratic fluctuations of XRP today might be a result of this uncertainty in the derivatives market.
The price chart of XRP has been creating a symmetrical triangle, which a prior CNF report has highlighted, suggesting breakout potential.
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