- Ripple transfers 60 million XRP, worth $36.6 million, to undisclosed wallet.
- Ripple’s large XRP transfer speculated as OTC sale or internal reorganization.
- Anonymous investor moves 23.9 million XRP ($14.6 million) to Bitstamp exchange.
Over the past day, the well-known crypto data monitoring service Whale Alert has highlighted major XRP
The payment protocol Ripple, which operates on blockchain technology, carried out a significant transfer involving 60 million XRP. The value of this transaction was around $36.6 million, and the XRP was sent from Ripple’s wallet to another wallet whose owner has not been disclosed. The reason for this transaction is unclear, leading to various guesses among those involved in the cryptocurrency sector.
Two Ripple Movement Scenarios Proposed by Analysts
Experts propose two possible outcomes for Ripple’s action. The first possibility is that it might be a deliberate sale executed via an Over-the-Counter (OTC) deal, which is commonly chosen by organizations wanting to conduct trades away from conventional cryptocurrency platforms. The second option could indicate a reorganization of funds within the company, where assets are moved to another wallet that the same owner still controls.
Concurrently, an anonymous large-scale cryptocurrency investor carried out a transaction sending 23.9 million XRP, worth $14.6 million, to the Bitstamp cryptocurrency exchange. The choice of Bitstamp as the recipient of this transfer raises questions regarding possible market indications or a plan to liquidate XRP holdings. Given Bitstamp’s prominence, the movement of funds could suggest a forthcoming sale, yet the actual purpose is still unclear.
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