bullish

2024

April

Read

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<a href="https://u.today/key-reason-behind-xrp-sell-off-uncovered-details">XRP</a>, the fourth-largest cryptocurrency by market cap, has seen a surge in large-holder activity in recent days.
In recent hours, blockchain data tracker Whale Alert reported a massive transfer of 99,999,980 XRP, valued at nearly $234,448,405. This transaction is part of a recent rise in large XRP transfers seen in the last 48 hours.
Whale Alert <a href="https://x.com/whale_alert/status/1867330502543225216">reports</a>, "99,999,980 XRP worth $234,448,405 transferred from unknown wallet to unknown wallet."
<blockquote class="twitter-tweet">
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 99,999,980 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (234,448,405 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/yGSvXZDAeG">https://t.co/yGSvXZDAeG</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1867330502543225216?ref_src=twsrc%5Etfw">December 12, 2024</a>
</blockquote> 
The recent activity has sparked considerable speculation and interest on the market. In addition to the 99,999,980 XRP transfer, there have been other large XRP transactions. For example, a transfer of 39 million XRP, worth around $95 million, was also reported within the last 24 hours. Whale Alert provides the following information: "39,430,019 XRP worth $95,502,372 was transferred from unknown wallet to Coinbase."
In the past day, 200 million XRP worth $485,376,345 were exchanged between unknown wallets.
In addition, 380,000,000 XRP worth $915,171,133 were transferred from Ripple to an unknown wallet, while another transaction transferred 60,000,000 XRP worth $145,498,224 between unknown wallets.
<h2 id="what-s-going-on">What's going on?</h2>
While the wallets' identities are unknown, such large transactions might signal activity related to whales, exchanges, custody platforms or institutional investors.
The transactions could be over-the-counter (OTC) deals, which take place outside of cryptocurrency exchanges. Entities might be redistributing XRP across wallets for security or strategic reasons.
Whales could potentially be looking to accumulate XRP at a discount. <a href="https://u.today/xrp-to-hit-3-key-level-to-watch">XRP's price </a>has dropped in the last two days; it saw profit-taking at highs of $2.485 on Dec. 12 and, at writing time, was down 4.66% in the last 24 hours to $2.33.
The accumulation of XRP by whales suggests a bullish outlook, as these large holders might be preparing for anticipated developments.
On Tuesday, Ripple CEO Brad Garlinghouse announced that the company's highly anticipated RLUSD stablecoin had received regulatory approval from the New York Department of Financial Services (NYDFS).
Ripple announced ambitions in April to enter the rapidly expanding stablecoin industry with its strictly regulated, short-term U.S. government bond-backed cryptocurrency. <a href="https://u.today/99999980-xrp-at-go-whats-going-on">Read original article on U.Today</a>

99,999,980 XRP at Go: What's Going On?

Table of Contents

U_Today

Other articles published on Dec 13, 2024

Trump’s Crypto Initiative Elevates Aave’s Value

DMM Bitcoin to Liquidate After $320M Hack

Solana investors HODL amid bullish expectations: Glassnode

BTC Report: Institutional Interest Grows as Bitcoin Hits Yearly High Amid Market Shifts

KuCoin Partners with Holdstation to Boost Vietnam’s Blockchain Ecosystem

Best Cryptos to Invest in Right Now: Qubetics Presale Booms, as Solana Gains 6% and Ethereum Impr...

Join our free newsletter for daily crypto updates!