Ripple Ejects 200 Million XRP into Unknown – What's Happening?
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Blockchain behemoth Ripple Labs, based in San Francisco, has made a staggering transfer of 200,000,000 XRP coins, and this fact has been shared by the Whale Alert cryptocurrency tracker on the X platform.
This XRP transfer caught the eye of the cryptocurrency community, who shared their takes as to the nature and the goal of this transaction.
Overall, XRP whales have been quite active over the last 24 hours, as Whale Alert noticed two other transfers, each carrying 100 million XRP. Overall, close to 400 million XRP coins have been transferred in the past 16 hours.
Ripple shovels 200 million XRP
According to the above-mentioned data source, Ripple ejected a mammoth 200 million XRP chunk, sending it to an anonymous cryptocurrency wallet approximately 16 hours ago.
The community unleashed a wave of comments under the X post, making suggestions as to where this money was sent by the cryptocurrency decacorn. Some believe the company is simply dumping these hundreds of millions of XRP onto the market as the coin’s price is going down.
Several other commentators assumed that Ripple needs to pay the fine to the SEC, as ruled by U.S. Federal Judge Analisa Torres. The fine constitutes $125 million, while the 200 million XRP in question are the equivalent of $118,960,896. The judge ruled this fine to be paid instead of the $2 billion fine requested by the Securities and Exchange Commission for Ripple.
The XRP-focused explorer Bithomp has tracked the transaction to another Ripple-affiliated wallet, which received the 200 million XRP.
Yuri MolchanWhales move nearly 200 million XRP too
As mentioned above, Whale Alert spotted two more transactions, carrying similar amounts of crypto – 100,000,000 XRP and 94,325,384 XRP. These transfers were valued at $56,461,096 and $53,656,730 at the time they were made.
Both transactions were made between anonymous cryptocurrency wallets. However, according to the aforementioned Bithomp, the 100 million chunk was made between wallets associated with Ripple.
The 94.3 million XRP transfer was made between unknown cryptocurrency addresses.
In the past day, the XRP price took a plunge of almost 6%, falling from $0.59807 to the $0.56396 level. By now, the coin’s price has rebounded a little and is changing hands at $0.57971.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov