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Ripple Shifts Whopping 120 Million XRP as Coin's Price Suddenly Jumps 25%

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Wed, 22/03/2023 - 13:58
Ripple Shifts Whopping 120 Million XRP as Coin's Price Suddenly Jumps 25%
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According to data provided by popular cryptocurrency tracker Whale Alert, slightly over 15 hours ago, San-Francisco-based fintech company Ripple transferred a staggering 120 million XRP to an anonymous wallet.

Prior to that, a slightly bigger XRP lump was transferred on XRP Ledger between wallets that Whale Alert tagged as anonymous. This makes the transferred amount 250 million XRP in total.

In the meantime, the sixth largest cryptocurrency XRP made a jump by over 25% earlier today, reaching $0.49.

Ripple shifts astounding XRP chunk

The above-mentioned tracker reported that a total of 120,000,000 XRP were sent by Ripple crypto behemoth to an unknown address. This is the equivalent of $57,669,946 USD.

According to data shared by the Bithomp XRP explorer, Ripple moved that XRP lump to one of its reserve addresses and then sent around 50 million XRP to another wallet belonging to it. Quite possibly, the fintech giant intends to sell all of this XRP or part of this large amount of crypto.

The other transaction mentioned by Whale Alert was the transfer of 130,000,000 XRP. The tracking platform marked the sender and the receiver as anonymous addresses; however, a deeper look into the Bithomp-shared data shows that this was an internal transfer made by major South Korean exchange Bithumb.

Related
Here's Why XRP Is Up More Than 20%

XRP price settles at $0.44 for now

Earlier today, the XRP price managed to perform a big jump, reaching the $0.49 level after a 25% increase. However, since then, the coin has shed some of its previous gains and gone down to the $0.44 price mark.

This price surge was likely triggered by cumulative expectations that the SEC case against Ripple Labs would be resolved soon. During the World Economic Forum in Davos at the start of this year, head of Ripple Brad Garlinghouse shared that he expects the judge to reach a verdict during the first half of this year.

The lawsuit has been going on since December 2020.

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