XRP Price: 250M XRP Transfer Via Ripple Sparks Speculation, What’s Next?

Coingapestaff
June 21, 2024 Updated June 3, 2025
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Ripple's $10M Bet Aims to Tokenize US Treasury Bills: XRP Price to $1?

Highlights

  • 250 million XRP shifted from Ripple to an unknown wallet today, June 21.
  • The transaction ignited speculations over the asset's future.
  • XRP price trades in the red territory today.

In an attention-nabbing development witnessed today, June 21, Ripple Labs has again shifted massive amounts of XRP, impacting the token’s market dynamics. According to a post revealed on X by an on-chain transaction tracker, 250 million XRP was shifted to an unknown wallet from Ripple. This transaction has birthed a tsunami of speculations on XRP’s future price movements. So, let’s take a deeper look into the current market dynamics of the Ripple-backed asset.

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Ripple Moves 250M XRP To Unknown Wallet

In a post shared by the tracker Whale Alert today, it was pointed out that 250 million XRP, worth $122.50 million, was shifted from Ripple to the unknown wallet address rP4X2hTa7A7ud. Bithomp’s data further highlighted that the address held 270.95 million XRP at press time.

The transaction has primarily birthed speculations as XRP takes the heat of supply flux amid a bearish crypto market today. Meanwhile, the ongoing lawsuit between Ripple and the U.S. SEC has further pushed the token to perform sluggishly.

It’s worth noting that soon after 250 million coins were shifted to the address, 50K XRP was further transferred to another address by rP4X2h. This has clouded the motive of the massive transaction into an enigma.

Meanwhile, XRP traded in the red today, falling in line with the broader crypto market’s movement.

Also Read: Here’s When Bitcoin (BTC) Price Recovery Will Start This Year

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XRP Price Falls

As of writing, XRP’s price dipped 1.36% over the past day to trade at $0.4888. The token’s 24-hour lows and highs are $0.4868 and $0.5013, respectively.

Coinglass data showcased a 0.90% dip in the token’s Futures OI, resting at $559 million. However, the derivatives volume saw a spike of 18.73% to $1.01 billion. This uncertainty in the derivatives market could potentially be driving XRP’s turbulent movement today.

Whereas, the RSI rested near 43, hinting at broader market neutrality for the asset.

Should bulls take control over the token in the coming days, a potential 1700% upswing could lift XRP price. Conversely, bears taking over could result in further dips.

Also Read: US Lawmakers Push for ‘Humanitarian Release’ of Binance Exec in Nigeria

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.