As a seasoned researcher with a keen interest in cryptocurrencies and their underlying blockchain technology, I find myself intrigued by this recent wave of massive XRP transactions. With over half a billion XRP changing hands within less than 24 hours, it’s hard not to be captivated by the sheer magnitude of these transfers.
As reported by Whale Alert, a well-known blockchain tracking platform that tracks large cryptocurrency transfers and shares the information on its Twitter account, over half a billion XRP coins were recently transferred in less than 20 hours. Notably, Ripple, a major player in the blockchain industry, was involved in moving these hundreds of millions of dollars’ worth of cryptocurrency.
During this period, there was a significant rise in the price of the Ripple-associated cryptocurrency, which reached approximately $0.57825 within the past 24 hours.
Half billion XRP on the move
Approximately 14 hours ago, two significant transactions involving XRP were identified in our tracking system. The first transaction moved 100 million XRP, equivalent to around $53.27 million, while the second transfer was a massive 470 million XRP, worth approximately $250.45 million in fiat currency.
🚨 🚨 🚨 100,000,000 #XRP (53,270,381 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 6, 2024
The significant and second transfer was carried out, within an hour, by Ripple – a blockchain powerhouse based in San Francisco, led by Brad Garlinghouse. This transfer marked the largest of the two.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 470,000,000 #XRP (250,454,910 USD) transferred from #Ripple to unknown wallet
— Whale Alert (@whale_alert) November 6, 2024
Through a massive transaction, Ripple transferred XRP to an unidentified blockchain address that was later traced back to a wallet associated with Ripple, as revealed by XRP-focused explorer Bithomp. Upon receiving the 470 million XRP, this wallet then sent out another 100 million XRP to an unknown destination, according to Bithomp’s observations.
The reasons for the massive transfer of XRP originating from a prominent blockchain figure have yet to be disclosed, but it’s worth noting that Ripple often conducts such transactions, which lead to XRP sales. These funds help sustain their business operations and legal battles, particularly the ongoing lawsuit against the SEC regulator over the past four years.
New Bitcoin ATH triggers crypto market surge
On November 6th, the most prominent digital currency, Bitcoin, experienced an extraordinary surge, delighting the entire cryptocurrency community by reaching a new record price pinnacle of $75,000 and subsequently climbing even higher to establish a new all-time high at $76,460.
These milestones were achieved following significant political transformation, specifically the change of U.S. leadership, which occurred on November 5th. The outcomes of this event were officially declared the subsequent day.
After Bitcoin, several other cryptocurrencies also saw significant price increases. One of them was XRP, which jumped by nearly 10% over the past 24 hours, reaching a high of $0.57825. However, it has since experienced a dip of 4%, and is currently being traded at $0.55601 on the prominent Bitstamp exchange.
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2024-11-07 11:32