A whopping 150 million XRP were recently moved from a well-known Ripple address, as reported by Whale Alert. The destination of this eye-catching sum, however, remains a mystery.
According to data from Bithomp, the recipient address, "rP4X," is linked to a supposed Ripple wallet. This address was activated back in 2023 with a transfer of 70 million XRP but is not very active, suggesting it is not likely tied to any exchange.
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However, shortly after receiving the 150 million XRP, it sent 5,000 XRP to another undisclosed address.
O god
— cryptoguy (@cryptoguy2714) July 16, 2024
The "rP4X" address has been on the radar before due to Ripple's previous large XRP movements. It is likely associated with a crypto company, but this recent transfer does not seem to be a sell-off, as the tokens are still sitting in the wallet, which now holds a total of 352 million XRP.
XRP posts 50% gain
The community is of course rife with speculation over the purpose of such a massive transfer. While some think it might be an internal shuffle within Ripple, others speculate about potential strategic moves by Ripple or its partners.
XRP to USD by CoinMarketCap
Recently, XRP has been making waves with its price surge, jumping 49% over the past two weeks. As of July 17, XRP has bounced back to a key support level and is currently trading at $0.615 per token.
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The exact reason behind this massive transfer remains unclear, but it has definitely caught the attention of crypto enthusiasts, adding more intrigue to XRP's current market performance.
