Unexpectedly, 60 million XRP coins worth $42.83 million were transferred by the well-known blockchain startup Ripple to an unidentified wallet, according to a report by Whale Alert.
The transfer takes place in the midst of a frenzy of activity on the XRP market, where the virtual currency is seeing extremely large swings.
https://x.com/whale_alert/status/1721636146445181079?s=20
XRP fans saw an 8.2% increase in value only yesterday, sending it to its highest point since July. The token’s price briefly dropped to $0.65 from its spectacular peak of $0.7324 per unit due to a modest correction that caused an 11% decline.
Following practically parabolic rise over the previous three weeks, XRP is currently trading at $0.69 per token, raising questions about whether the cryptocurrency has finally met its price cap.
Not so mysterious
There may have been some scepticism in the bitcoin world over this enormous move. On closer inspection, though, it becomes clear that the recipient wallet is not as mysterious as it first appears to be.
According to Bithomp’s study, the unidentified wallet is really connected to Ripple because it was enabled by the startup in 2021. It’s interesting to note that the 60 million XRP tokens that were moved haven’t changed within the wallet, which now has 114.47 million XRP, or around $79.33 million.
But if the XRP market develops further, onlookers are forced to speculate about Ripple’s objectives and how such a move may affect the future of the cryptocurrency.
