In the past 24 hours, Ripple, the San Francisco-based blockchain company behind XRP, executed two colossal transactions totaling 570 million XRP, according to data from blockchain tracking platform Whale Alert. This unprecedented activity arrives amid a surge in XRP’s value, briefly hitting $0.57825 before a slight pullback.
🚨 🚨 🚨 100,000,000 #XRP (53,270,381 USD) transferred from unknown wallet to unknown wallethttps://t.co/oO74WQfI1W
— Whale Alert (@whale_alert) November 6, 2024
Around fourteen hours ago, two massive XRP transfers were detected, with the first moving 100 million XRP, worth over $53 million. The second, far larger transaction saw Ripple move a staggering 470 million XRP, valued at approximately $250 million. Both transfers occurred within a single hour, creating ripples throughout the crypto community.
Anonymous Wallets Raise Questions
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 470,000,000 #XRP (250,454,910 USD) transferred from #Ripple to unknown wallethttps://t.co/cIMknG2fMH
— Whale Alert (@whale_alert) November 6, 2024
The larger 470 million XRP transfer was sent to a blockchain address affiliated with Ripple, although the final destination remains anonymous. Shortly after receiving the funds, this wallet initiated another 100 million XRP transfer, leading to speculation about Ripple’s intentions.
Why Ripple Moves Large XRP Holdings?
Though Ripple has yet to reveal the exact purpose behind this latest movement, it often executes such transfers to manage XRP sales. Funds raised from these sales support Ripple’s operations and cover legal expenses for its ongoing case against the U.S. Securities and Exchange Commission (SEC).
Market Surge Drives XRP’s Price Spike
This XRP movement coincided with a substantial price spike across major cryptocurrencies, triggered by Bitcoin’s record-breaking new all-time high of $76,460 following recent political developments in the U.S. XRP followed suit, surging by nearly 10% before stabilizing. Currently, XRP is trading at $0.55601 on Bitstamp.
Ripple’s recent activity underscores the blockchain giant’s continued influence over XRP, even as regulatory challenges remain in the spotlight.
