Ripple Transfers 100 Million XRP: Price Impact and Analysis

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Ripple has transferred 100 million XRP tokens to an unknown wallet.

29.1 million XRP were transferred to Bitso as well.

The cryptocurrency is trading at $0.5346, a support level.

Ripple, the fintech company behind the XRP Ledger, has transferred a substantial 100 million XRP tokens to an unknown wallet, as noted in a post on X (formerly Twitter) by Whale Alert.

The transaction was initiated by Ripple on September 6th, with a negligible fee of 0.0005 XRP. The recipient wallet remains unidentified, and the purpose of the transfer is yet to be disclosed. This has led to speculation that the firm may be considering a large sale in the near future.

100,000,000 #XRP (54,594,473 USD) transferred from #Ripple to unknown wallethttps://t.co/5UoknxkDkv

— Whale Alert (@whale_alert) September 6, 2024

Surge in XRP Transfers Amid Market Downturn

Amid the recent market decline, Ripple has been transferring a significant amount of XRP tokens. The 100 million XRP transfer was also followed by a 29.1 million XRP being transferred from an unknown wallet to Bitso, a global cryptocurrency exchange founded in Mexico. Another transaction saw the transfer of 31,126,439 …

The post Ripple Transfers 100 Million XRP: Price Impact and Analysis appeared first on Coin Edition.

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