- Whale Alert reports Ripple’s transfer of 150 million XRP to an unknown wallet.
- Speculations arise about institutional involvement following massive XRP transactions.
According to a recent tweet from Whale Alert, substantial XRP movements have piqued the interest of the cryptocurrency community. The most recent transfer was 150 million XRP tokens, which Ripple sent to an unknown wallet.
The transferred tokens were worth around $64.28 million at the time of the transaction, which raised eyebrows and sparked many speculations.
🚨 🚨 🚨 150,000,000 #XRP (64,287,206 USD) transferred from #Ripple to unknown wallethttps://t.co/nt65t65klk
— Whale Alert (@whale_alert) July 9, 2024
Mysterious Movements and Speculations Surrounding Ripple’s XRP Transfers
Delving deeper into the Bithomp transaction, it was determined that the previously unknown recipient wallet transferred 50 million XRP to another unknown wallet barely three minutes after receiving them from Ripple.
The receiving wallet had a previous balance of around 103.4 million XRP and was activated in 2023, adding another layer of mystery to the transaction.
The dearth of information about the receiver has sparked a wave of curiosity among the community. Some X users feel the beneficiary is an institution or a bank, while others believe it is another Ripple-controlled wallet.
This ambiguity is not new; CNF previously reported a transfer of 300 million XRP from Binance to an unknown wallet, implying a possibility of long-term ownership. However, the exact objective of these transfers remains unknown.
Adding to the excitement, XRP has attracted significant institutional interest despite current market concerns, such as those surrounding Mt. Gox. This interest coincides with a bearish market trend for XRP.
According to CoinMarketCap, XRP is presently trading at about $0.4338, down 1.60% over the last 24 hours and a huge 10.86% in the last week. This bearish trend has put pressure on XRP, but bullish analysis continues, with an expert anticipating a price skyrocket to $18.
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