Long

bullish

Million

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr"><a href="https://u.today/ripple-cto-breaks-silence-on-rlusd-stablecoin-rumors" rel="noopener noreferrer nofollow">Ripple Labs</a>, the crypto payments giant, has initiated a massive XRP transfer to an unknown wallet. This mysterious movement of funds has sparked concerns in the community as members speculate about the reason behind the transfer.</p>
<h2 id="unraveling-mystery-of-150-million-xrp-transfer">Unraveling mystery of 150 million XRP transfer</h2>
<p dir="ltr">According to on-chain tracker Whale Alert, Ripple moved 150,000,000 XRP, valued at $85,383,318. However, a notable fact about this transaction is that the unidentified wallet has received a series of Ripple inflows.</p>
<p dir="ltr"><a href="https://xrplexplorer.com/explorer/rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3" rel="noopener noreferrer nofollow">Data</a> reveals that the account has been activated since October 2023. In this month of September alone, there has been a series of outflows from the account. The most recent outflow was 40 million XRP on Sept. 10, while a more recent transaction of 12.08 million XRP also left the account on Sept. 12.</p>
<p dir="ltr">As for inflows, the same wallet address received 200 million XRP from Ripple in August. Another transactional handshake occurred on July 9, when the same XRP tokens (150,000,000) were moved to the address.</p>
<p dir="ltr">The transactions have sparked speculation in the XRP community about whether the unidentified wallet belongs to an institutional investor. Others see the move as an impending bullish run for XRP as it might be a cold storage wallet. Given the happenings in the crypto space, investors anticipate that a bullish wind might soon hit XRP.</p>
<h2 id="ripple-s-stance-on-an-xrp-etf-and-market-performance">Ripple's stance on an XRP ETF and market performance</h2>
<p dir="ltr">Meanwhile, the broader crypto community was shocked when&nbsp;<a href="https://u.today/ripple-ceo-breaks-silence-on-grayscale-xrp-trust-shares-key-prediction" rel="noopener noreferrer nofollow">Grayscale Investments</a> announced its XRP Trust. The top asset manager closed the fund previously, after the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission.</p>
<p dir="ltr">In an earlier report by U.Today, Ripple President&nbsp;<a href="https://u.today/ripple-president-says-xrp-etf-would-make-a-lot-of-sense" rel="noopener noreferrer nofollow">Monica Long</a> stated in June, while appearing as a guest on CNBC, that an XRP ETF would make sense. Long’s analysis rested on the performance of XRP, which has remained among the top assets in the chain, based on market capitalization.</p>
<p dir="ltr">XRP was up 5.13% at $0.5658 at the time of writing. Its market volume also&nbsp;<a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">increased</a> 116.60% to $1,872,054,743, indicating bullish sentiment.</p>

Massive 150 Million XRP Withdrawal From Ripple Sparks Concern

Table of Contents

U_Today

Other articles published on Sep 13, 2024

🗒 Daily Newsletter | Friday, September 13, 2024

New Solana Memecoin Pepe Rektember Skyrockets Over 600% and Will Surge 15,000% Ahead of Exchange ...

FTX/Alameda Wallet Unstakes $24M SOL Amid Ongoing Investigations: Report

MicroStrategy Acquires Additional $1.11B Worth of Bitcoin

Trump to Launch Crypto Platform Sept. 16th

US Regulators Clamp Down On Uniswap For Alleged Illegal Derivatives Trading

Join our free newsletter for daily crypto updates!