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Today, Ripple has initiated a large-scale transfer of millions of XRP tokens to an unknown destination. According to Whale Alert, 150 million XRP were moved from the address “rBg2F,” which belongs to Ripple, to the address “rP4X2,” whose owner remains a mystery.
The recipient address, according to Bithomp, was activated in October 2023 by a 70 million XRP transfer from another address, which in turn was activated by a transfer from a Ripple wallet. Now “rP4X2” holds 173.661 million XRP, taking into account the tokens that came as a result of the recent transfer.
The sudden and mysterious movement of such a significant amount of XRP has left many questioning the future price action of the digital asset and Ripple’s intentions.
🚨 🚨 🚨 🚨 150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm
— Whale Alert (@whale_alert) June 7, 2024
Speculation among XRP enthusiasts is rampant, with many in the community suggesting that the crypto company might be initiating a sale of the cryptocurrency from its accounts.
However, the real motive behind moving $78.2 million in XRP to another address remains unclear. It is possible that this address also belongs to a crypto company, but no definitive information has been confirmed.
Meanwhile, XRP quotes continue to trade in an extremely narrow price range, around the half-dollar mark per token. Following a painful drop of more than 15% in early April, the price of XRP has been trading within a range of no more than 5%.
This stagnant trading range suggests that the popular digital asset is poised for a major move, but whether this will be an upward or downward shift remains uncertain.
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