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Ripple Sends 100 Million XRP to Unknown as XRP Price Recovers

Sun, 14/04/2024 – 10:08

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In an unexpected move, Ripple, a prominent crypto enterprise, has transferred a staggering 100 million XRP, equivalent to $48.61 million, to an unknown address, as per findings by Whale Alert.

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The transfer, executed just over three hours ago, originated from Ripple’s address “rBg2Fu” to the mysterious “rP4X2h” address, the ownership of which remains anonymous. Despite its activation in October 2023, little is known about the entity behind “rP4X2h,” with even the Bithomp explorer failing to yield substantial information.

The implications of this massive transfer are profound, especially considering that the recipient wallet now boasts a balance exceeding 225 million XRP, valued at over $110 million. This substantial accumulation suggests involvement from a significant investor or organization, given its connection to Ripple and the considerable initial transfer of 70 million XRP.

XRP price eyes recovery

Interestingly, this move occurred against the backdrop of a remarkable recovery in XRP’s price. Despite recent geopolitical tensions causing a temporary slump, XRP has bounced back with quotes showing a notable uptick of over 3% since the opening of the latest daily candle.

XRP to USD by CoinMarketCap

Moreover, factoring in yesterday’s buyback, XRP has surged by a remarkable 17.8% since hitting its lowest point at $0.4188, a level unseen in the last eight months.

The timing of Ripple’s significant transfer amid this resurgence in XRP’s price raises questions about its potential impact on the cryptocurrency’s future. With XRP exhibiting such resilience and Ripple making massive transfers, the community is left speculating on the implications of this transfer.

Will it help XRP’s upward momentum, or could it introduce negative dynamics into the market? Only time will tell how this enigmatic maneuver shapes the future of one of the crypto world’s most popular assets.

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