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250 Million XRP Find Way out of Ripple's Pocket

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Fri, 21/06/2024 - 12:54
250 Million XRP Find Way out of Ripple's Pocket
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A whopping 250 million XRP were withdrawn from a Ripple wallet to an unknown destination today, thanks to a report from Whale Alert.

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According to the Bithomp explorer, the recipient address for the amount of the popular cryptocurrency equivalent to $122.5 million, "rP4X2," was activated on Oct. 2 last year. The activation was done by transferring 70 million XRP to this address. 

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Now this wallet contains nearly 270.96 million tokens. Meanwhile, 39.5 billion XRP remain in Ripple's escrow accounts.

The destination of the transferred XRP remains undisclosed, leading to speculation within the community. It is possible that the address belongs to Ripple itself, although it was originally activated by a transfer from another unknown address.

Another theory suggests it could be a hot wallet associated with a major exchange platform. Typically, withdrawals of this magnitude to exchanges are viewed cautiously by the market, often considered a signal of potential selling pressure.

XRP price outlook

But let's turn to the XRP price chart and see that the price of the popular cryptocurrency did not fall today in the midst of a huge transfer. On the contrary, the token's quotes have increased by more than 1.1% over the past few hours. XRP is now trading at $0.495.

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XRP to USD by CoinMarketCap

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What impact, if any, will this transaction have on the perception of the XRP price going forward? This question is likely to dominate community discussions in the coming days.

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