Ripple has continued to pull big XRP moves over the past days, as the new year has seen the broad crypto market turn bullish, with leading cryptocurrencies showing impressive price gains over the past days.
Amid this bullish market condition, a major XRP transfer from Ripple has drawn the attention of the crypto community. The transfer, which was identified by on-chain tracking firm Whale Alert, has many wondering about what the San Francisco–based blockchain firm may be up to.
Ripple moves 300,000,000 XRP at once
Ripple has stunned the crypto market with a massive 300 million XRP transfer on Monday, January 5 as trading activities across the market continue to heighten.
The move has come as XRP has continued to see more upside price move, flipping Bitcoin and Ethereum in daily price gains. Over the last day, Bitcoin and Ethereum have recorded 3.24% and 2.38% price increases respectively, while XRP led with over 6% increase in its price during the same period.
The transfer which was worth over $652 million saw Ripple send the large amount of XRP to an unidentified wallet in a single transfer.
While large transfers like this from Ripple have previously been interpreted as a potential sell attempt, the mysterious nature of its latest transfer makes it more difficult to tell if the firm is only repositioning, or selling its holdings amid the ongoing price surge.
Nonetheless, speculations across the social media suggest that the transfer may have been triggered by Ripple’s recent operational activities, possibly associated with strategic partnerships or internal treasury management.
XRP reclaims $2.2
XRP has continued to see its price surge massively as demand continues to grow across the broad crypto market.
Amid this positive price move, XRP has reclaimed its long lost $2.2 breaking key resistance zones.
As the price rally has continued to intensify, holders are confident that the asset could reclaim the $2.5 target in no distant time.
Alex Dovbnya
Caroline Amosun
Dan Burgin