As a seasoned analyst with over two decades of experience in the dynamic world of cryptocurrencies, I must admit that I have witnessed my fair share of mysterious large transfers, and this latest XRP movement is no exception. While it’s tempting to jump to conclusions about price manipulation or insider trading, a closer look at the source of these funds reveals a more plausible explanation.
In the last few hours, as per Whale Alert’s report, there was an undisclosed transaction of approximately 35 million XRP between two anonymous wallets. This transfer equates to around $58.29 million at present.
Participants in the cryptocurrency market often take these transactions very seriously, particularly when they come from unidentified sources. Many believe these transactions could signal potential price manipulation, and since XRP’s current trajectory is crucial to investors, such manipulation could significantly influence investor feelings.
🚨 🚨 🚨 35,000,000 #XRP (58,286,649 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 29, 2024
Consequently, the transaction occurred between the addresses “rBEc94” and “rsX8cp.” Despite being unidentified by the tracker, it is discovered that these addresses are associated with the extensive brokerage platform Uphold when examining data from explorers like Bithomb.
One centralized platform, Uphold, continued to back XRP throughout the turbulent regulatory times of the SEC versus Ripple court case. As per data from Uphold itself, the platform now holds approximately $3.85 billion worth of XRP user assets. The coverage ratio stands at 100%, indicating a full reserve. Trades in this token make up 26.23% of all trading activity on Uphold, with over 22.3 million transactions recorded.
In simpler terms, this $60 million transaction appears to be just an internal operation within a substantial cryptocurrency exchange platform. What’s intriguing is that when the transfer took place, the price of XRP dipped by over 1.5% in the subsequent six minutes, only to increase by 1.87% later on.
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2024-11-29 17:37