Ripple Transfers XRP Tokens to Exchanges
Blockchain-based payment company Ripple Labs has been observed making large XRP transactions as the crypto asset rebounds from a recent decline. According to reports from on-chain crypto tracker Whale Alert, Ripple recently performed three massive transfers of XRP. The tracker took to X (formerly Twitter) to alert the crypto community about each transfer.
The first transfer, the largest one, involved about 120,000,000 XRP tokens valued at $73,838,616 at the time of the transfer. The funds were moved from one of Ripple Labs’ wallets to another, a common practice for the company. Since activating this receiving wallet in October, Ripple has conducted several transaction inflows and outflows to and from other wallets.
The second transfer consisted of approximately 24,600,000 XRP tokens worth $15,099,780. This whale transfer originated from another wallet activated by Ripple. In the last whale transfer, around 18,000,000 XRP tokens were moved from another Ripple-affiliated wallet to the crypto platform Bitso. The on-chain tracker detected the transfer, valued at $10,965,860.
Both the second and last transfers may have had the intention of liquidation, as the funds were transferred to crypto exchange wallets.
At present, there is no concrete evidence that these whale transactions have influenced the price of XRP. As of the time of the transactions, the token was already gaining momentum and trading at $0.609.
XRP Potential for 1,500% Increase Against Bitcoin
An analyst suggests that XRP may experience a rise of up to 1,500% compared to the leading cryptocurrency Bitcoin. However, even if this doesn’t happen, he still believes XRP will outperform Bitcoin significantly.
XRP’s market capitalization has increased by 1.24%, and trading volume has risen by 19.28% to $33,420,211 and $1,357,157, respectively.