Ripple’s 60 Million XRP Transfer Raises Eyebrows: Here’s the Price Impact

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Ripple Labs, a company based in the US, has recently ramped up its efforts to distribute its digital asset XRP to make the XRP market stronger and more stable. They have support from big investors like Standard Chartered, Santander Innoventures, Andreessen Horowitz, Seagate, Accenture, and SBI Group. Ripple’s goal is to improve cross-border payments in real-time using something called On-Demand Liquidity (ODL).

Tracing Ripple’s Moves

In a recent move, Ripple transferred 60 million XRP to an unknown address, incurring a minimal fee of approximately 0.0004 XRPs. This unknown address has been in previous interactions with Ripple’s wallet. Currently, the unidentified XRPL address holds around 67 million XRPs, valued at roughly $34 million, while Ripple’s holdings stand at 361 million XRPs, equivalent to about $184 million.

On the same day, Ripple also sent 29 million XRPs worth around $15 million to Bitstamp.

Market Impact

Following Judge Analisa Torres’ denial of the US SEC’s interlocutory appeal motion, XRP had previously experienced a surge in price. However, Ripple’s recent sales of XRP have caused a lot of people to sell, and this could lead to XRP’s price dropping even more in the next few weeks before it starts going up again.

But here’s a positive sign: XRP’s daily trading volume has gone up a lot. In the last 24 hours, it increased by about 84 percent, reaching about $557 million. That’s twice as much as Binance Coin (BNB).

With Ripple moving XRP around and more people trading it, things are looking dynamic for Ripple and XRP in the cryptocurrency world. These moves are aimed at making XRP stronger and gaining more attention in the world of digital money.