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Ripple Transfers 60 Million XRP to Unknown Wallet as XRP Price Finds Ceiling

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Tue, 7/11/2023 - 7:41
Ripple Transfers 60 Million XRP to Unknown Wallet as XRP Price Finds Ceiling
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In a surprising turn of events, Ripple, the renowned blockchain company, has made a significant transfer of 60 million XRP tokens valued at $42.83 million to an undisclosed wallet, as reported by Whale Alert.

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The transfer comes amid a whirlwind of activity on the XRP market, with the digital asset experiencing remarkable fluctuations.

Just yesterday, XRP enthusiasts witnessed a surge of 8.2% in its value, propelling it to its highest level since July. The token peaked at an impressive $0.7324 per unit before a minor correction led to an 11% dip, temporarily dropping its price to $0.65.

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XRP to USD by CoinMarketCap

Presently, XRP is trading at $0.69 per token, prompting speculation about whether the cryptocurrency has finally reached its price ceiling after a nearly parabolic growth spree spanning the past three weeks.

Not so mysterious

This massive transfer may have raised eyebrows within the cryptocurrency community. However, closer scrutiny reveals that the recipient wallet is not as mysterious as it initially seemed. 

Bithomp's analysis reveals that the unknown wallet is, in fact, linked to Ripple, having been activated by the company in 2021. Interestingly, the 60 million XRP tokens transferred have remained stagnant within the wallet, which already holds a substantial 114.47 million XRP, equivalent to approximately $79.33 million.

Related
XRP Bears' Liquidations Total $3.5 Million as XRP Price Nears Ripple Ruling Highs

However, as the XRP market continues to evolve, observers are left to wonder about Ripple's intentions and the potential impact of such a transfer on the cryptocurrency's future.

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