As a seasoned crypto investor with over a decade of experience under my belt, I find the recent 200 million XRP transfer by Ripple Labs to be an intriguing development. The whale-sized transaction has sparked a flurry of speculation within the community, and as someone who’s seen my fair share of crypto market rumors come and go, I’m always eager to decipher the tea leaves.
The significant financial entity, Ripple Labs headquartered in San Francisco, moved an astounding 200 million XRP tokens. This information was disseminated by the Whale Alert, a tracking system for cryptocurrencies, on the XRP platform.
The transfer of XRP attracted attention within the cryptocurrency community, prompting various opinions to be expressed about the purpose and type of this financial movement.
In summary, large XRP holders (XRP whales) have shown significant activity over the last day, with Whale Alert detecting two separate transactions, each involving 100 million units of XRP. This represents nearly 400 million XRP coins that have been moved within the past 16 hours.
Ripple shovels 200 million XRP
Based on information from our reference, about 16 hours back, Ripple transferred a massive amount of around 200 million XRP units to a private crypto wallet without disclosing the identity of the recipient.
The community unleashed a wave of comments under the X post, making suggestions as to where this money was sent by the cryptocurrency decacorn. Some believe the company is simply dumping these hundreds of millions of XRP onto the market as the coin’s price is going down.
According to various analysts, it was believed that Ripple would have to settle a fine imposed by U.S. Federal Judge Analisa Torres. This penalty amounts to $125 million, while the 200 million XRP at issue are equivalent to approximately $118,960,896. However, this fine is significantly lower than the $2 billion fine proposed by the Securities and Exchange Commission for Ripple. In simpler terms, while some experts thought that Ripple would need to pay a fine of $2 billion as suggested by the SEC, Judge Torres instead ruled that they should pay only $125 million plus the equivalent value in XRP.
According to the XRP-centric platform Bithomp, the transaction was traced to a wallet associated with Ripple, which now holds approximately 200 million XRP.
Whales move nearly 200 million XRP too
Additionally, it’s worth noting that Whale Alert detected two more cryptocurrency transactions involving XRP, with amounts of approximately 100 million and 94.33 million units respectively. At the time these transfers occurred, their values were roughly $56.5 million and $53.7 million.
The two transactions involved unidentified digital wallets dealing with cryptocurrencies. Interestingly, as per Bithomp’s report, the transfer of 100 million units took place between wallets linked to Ripple.
The 94.3 million XRP transfer was made between unknown cryptocurrency addresses.
Yesterday, the XRP price experienced a significant drop of nearly 6%, going from approximately $0.59807 down to $0.56396. Currently, it’s trading slightly higher at around $0.57971.
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2024-08-28 15:33