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U.Today - Renowned blockchain platform Whale Alert, which monitors large-scale cryptocurrency transfers, spotted an astounding crypto transaction initiated by Ripple cryptocurrency firm less than two hours ago.
This transfer coincided with a marginal 3% increase demonstrated by the XRP price today, which was part of a 15% surge since Wednesday.
200 million XRP leaves Ripple's wallet
The aforementioned data source revealed that a total of 200,000,000 XRP valued at $402,739,474 at the time of the transfer exited a Ripple wallet and went to an unknown blockchain address.The size of this crypto transfer and its fiat equivalent were large enough to raise the XRP community’s curiosity. Users wondered as to the destination wallet of this enormous transfer. Some expressed a take that Ripple has sent this massive XRP chunk to be sold, and that a price dump could probably be expected soon.
XRP-focused explorer Bithomp has shed light on this transaction. Its analysis revealed that the 200 million XRP coins first went to an anonymous wallet indeed, but the next place they were sent to was a crypto wallet linked to Ripple. Still, this does not rule out a future sale of these 200 million XRP. In the past, the company has used the same method for sending XRP to exchanges to cover its operational expenses. Another possibility here is that these hundreds of millions of coins will be distributed between Ripple’s institutional clients.
XRP up 15% on recent developments
Over the past two days, the fourth-largest cryptocurrency, XRP, has seen an impressive 15% price surge. On Wednesday, it even soared as high as 19% on the news of U.S. President Donald Trump withholding trade tariffs against all countries for the coming 90 days. However, with the slight decline that followed, XRP dropped from the $2.09 level reached on Wednesday and is currently changing hands at $2 per coin.China was an exception here, and the tariffs on its goods now constitute roughly 145%, while the country has issued similarly high tariffs on U.S. goods imported to its markets. The stock market reacted bullishly to the temporary tariff relief and a break in the trade war initiated by the U.S. president. So did Bitcoin as it soared by 11.26% on that day, topping the $83,520 price mark.