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In a series of recent transfers, a substantial volume of XRP has recently changed hands, sparking intense speculation within the XRP community and the wider cryptocurrency market. In recent XRP transactions, a substantial amount was transferred from the Bithumb exchange to an undisclosed wallet, while another noteworthy movement involved XRP being moved from an unknown wallet to the Bitstamp exchange.
XRP’s Recent Transactions
On Friday, September 22, Whale Alert, reported a substantial transfer of 120 million XRP, worth $61.15 million, from Bithumb exchange to an undisclosed wallet. Meanwhile, another hefty amount of 29.9 million XRP, worth about $15.26 million, was sent from an unknown wallet to Bitstamp in a separate transaction earlier today.
Notably, in September, Ripple, the blockchain technology company behind XRP, initiated several colossal XRP transfers, collectively amounting to hundreds of millions of tokens. These extraordinary movements have triggered concerns among investors and enthusiasts alike, leading to speculation about potential systemic selloffs and the purpose behind these significant transfers.
Meanwhile, a particular point of interest in these transactions is their destination. A substantial portion of the transferred XRP tokens has been directed to Bitstamp. Notably, Ripple acquired a stake in Bitstamp earlier in the year. This strategic move by Ripple has fueled discussions about whether the company might be employing its substantial XRP holdings to fund strategic acquisitions and investments.
However, it is important to note that Ripple has a track record of engaging in sizable XRP transactions for various operational purposes. While these recent transfers have undoubtedly generated speculation and curiosity, they are not unprecedented in the company’s history.
As Ripple continues to navigate the evolving cryptocurrency landscape, its use of XRP remains a subject of ongoing interest and scrutiny. The investors seek to decipher the company’s intentions and strategies behind these remarkable movements in the digital asset.
Also Read: XRP Lawyer Deaton Reveals Hints About Big Announcement This Week
Market Reaction On Recent XRP Moves
The recent transactions might have sparked speculations among the investors, but the price of XRP stayed above the $0.50 level on Friday. As of writing, the XRP price traded at $0.511, noting a surge of 0.24% over the past 24 hours.
The last 24 hours volume of the crypto tumbled 18.24% to $844.26 million, and its market cap surged 0.37% to $27.20 billion.
Notably, the recent XRP transfer from the South Korean exchange, Bithumb, has also gained traction. Bithumb recently noted a generational shift in crypto preferences, highlighting the younger demographic’s growing interest in XRP’s distinctive features and qualities.
Meanwhile, Ripple has not officially commented on these recent transactions. However, the crypto community eagerly anticipates their response, which may come in Ripple’s upcoming quarterly XRP sales report.
Also Read: Bitcoin, Pepe Coin, & IMX Slips Amid Lack Of Positive Catalysts
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