According to U.Today, a substantial amount of 250 million XRP was moved from a Ripple wallet to an unidentified destination. The recipient address, known as 'rP4X2', was activated on October 2 of the previous year by transferring 70 million XRP to it. Currently, this wallet holds approximately 270.96 million tokens. In contrast, Ripple's escrow accounts still contain 39.5 billion XRP.
The destination of the transferred XRP remains undisclosed, leading to speculation within the cryptocurrency community. Some believe that the address could belong to Ripple itself, as it was initially activated by a transfer from another unknown address. Another theory suggests that it could be a hot wallet associated with a major exchange platform. Large withdrawals to exchanges are typically viewed with caution by the market, as they are often seen as a signal of potential selling pressure.
Despite the massive transfer, the price of XRP did not drop. Instead, the token's quotes have risen by more than 1.1% over the past few hours, with XRP now trading at $0.495. The impact of this transaction on the perception of the XRP price in the future is a question likely to dominate community discussions in the coming days.