On Tuesday, November 18, San Francisco–based blockchain firm Ripple made a mysterious XRP move that has barely gone unnoticed.
Data from on-chain tracking firm Whale Alert has revealed a major transfer that has sparked discussions across the market.
The data shows that Ripple has executed a major XRP transfer involving 200,000,000 tokens worth about $445.2 million to an unknown wallet today.
What's coming for XRP?
The massive XRP transfer from Ripple saw the large amount of XRP tokens move in one go, coming at a significant time when the market has suddenly flipped to the bullish side, with all leading cryptocurrencies moving into the green zone.
The mysterious Ripple move has sent a wave of optimism across the market, even though the motive behind the transfer was not disclosed.
Apparently, it appears that the transfer has built on the fresh momentum spurred by news of U.S. banking regulators reportedly signaling that banks can hold crypto to cover blockchain network fees. Hence, market observers have perceived the move to be a bullish one.
The proposed policy, which has coincided with the major Ripple transfer and a broad crypto market recovery, has been celebrated by the XRP community, interpreting it as a pointer to more major institutional integration for XRP.
While XRP has continued to make waves with its cross-border utility, many have expressed strong belief that the policy will trigger more major adoption for XRP, positioning the token for a bigger shift in the long term.
What's Ripple up to?
Although Ripple has yet to clarify the reason behind the major XRP move, the crypto community does not perceive the move to be a threat to the market.
Rather, market analysts have viewed the transfer as part of Ripple’s ongoing developments and liquidity operations, which could fuel more upside momentum for the asset.
At the time of the transfer, XRP showed a rapid resurgence in its price, showing over a 5% surge in the last 24 hours despite trading in deep red earlier today.
Nonetheless, the asset is trading at $2.22 as of writing time, according to data provided by CoinMarketCap.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team