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300 Million XRP Shifted in Matter of Hours, Here's the Positive

Mon, 12/26/2022 - 09:12
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Gamza Khanzadaev
Hundreds of millions of XRP transferred as price makes major rebound
300 Million XRP Shifted in Matter of Hours, Here's the Positive
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As reported by Whale Alert, almost 300 million XRP were moved between different wallets last night, with Ripple and the Bitstamp exchange account among them.

Interestingly, the $100 million XRP sent directly to Ripple remained in the recipient's wallet. The transfer of $12 million in XRP to Bitstamp, however, was part of a $52.3 million shift previously made between two unknown wallets.

Large transfers of XRP between Ripple and exchanges are often seen by many as a signal of a possible influx of tokens into the market and a collapse in its price, given the 43.7 billion XRPs held in the crypto company's wallet.

Self-Proclaimed Satoshi Calls XRP “The Most Useless Pump-and-Dump Scheme”

XRP price reacts positively

This time, however, the change of location of 300 million XRP did not turn the token quotation into the red but instead coincided with a very positive price event.

230 Million XRP on Move, While XRP Social Activity Hits 3-Month Peak

The XRP price managed to retain the important level of around $0.35 per token again. This zone, as U.Today has repeatedly pointed out, is a key support for the XRP price.

XRP to USD by CoinMarketCap

After the token was bought in an important zone, below which buyers do not allow the price to fall, XRP quotations have successfully bounced back, and the asset now shows the best return in the last 24 hours among the 10 largest cryptocurrencies by market capitalization.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.