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The Motivation Behind Ripple’s Sale of 105 Million XRP

The Motivation Behind Ripple’s Sale of 105 Million XRP

San Francisco-based Ripple Labs has conducted significant transfers of its native cryptocurrency, XRP, totaling 105 million coins, worth approximately $52.8 million.

Highlighting Points

  • San Francisco-based Ripple Labs has made substantial transfers of its native cryptocurrency, XRP.
  • Two significant transactions have moved 105 million XRP coins, equating to approximately $52.8 million.
  • The transfers come amid a rising XRP price, increasing investor focus on Ripple’s actions.
  • Neither Ripple nor any other parties have yet commented on the purpose or impact of these transfers.

San Francisco-based blockchain company Ripple Labs has been making significant transfers of its native cryptocurrency XRP, as the coin’s price continues to surge. According to Whale Alert, a popular crypto tracking platform, Ripple has transferred close to 80 million XRP to an “unknown” wallet in the past 14 hours. Additionally, another transaction carrying 30 million XRP was spotted, sent from an anonymous address to the Bitstamp exchange.

XRP Transferred by Ripple

Further details shared by XRP analytics platform Bithomp reveal that the second transaction was initiated by a wallet associated with Ripple, indicating that the company is sending a substantial amount of crypto to sell on Bitstamp. In total, these two transfers amount to 105 million XRP coins, equivalent to approximately $52.8 million.

In the first transfer, Ripple sent 75 million XRP to one of its wallets, and then 46 million XRP were sent to an anonymous address. This suggests that Ripple may have engaged in an over-the-counter (OTC) trade or redistributed funds internally.

This follows a massive transfer of 100 million XRP over the weekend, which Ripple received from an unknown address. It was later revealed that the address belonged to the Canadian SideShift crypto exchange. The purpose of this transfer remains unclear, although in the past, similar transfers have been observed from Binance to Ripple wallets.

XRP Price Performance

Despite the ongoing transfers, the price of XRP has been experiencing positive growth. Since Monday, the price of the fifth-largest cryptocurrency has increased by 4.38%. Although there was a small drop today, the coin’s price has risen by an overall 3.96% since Monday. Currently, XRP is trading at $0.50896 on the Bitstamp exchange.

Investors are closely watching Ripple’s movements given its influence on the XRP market. However, neither Ripple nor any other party involved has commented on the recent transfers or their impact on the XRP price.

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