On June 17, blockchain monitoring company Whale Alert revealed in a recent post on X a mysterious cryptocurrency transfer worth nearly half a billion dollars, involving the well-known institutional blockchain company Ripple and the third-largest cryptocurrency by market cap, $XRP .
Transfer of 200,000,000 XRP by Ripple
According to data trackers, Ripple sent a massive amount of 200 million tokens $XRP worth over $438 million to an unknown wallet, raising curiosity among XRP holders.
This move, which seems to be a long-standing routine from Ripple, does not come as a surprise, as Ripple has been consistent in transferring large amounts of XRP tokens to unspecified wallets month after month. However, XRP holders are concerned about the motive behind this move, given its timing.
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Notably, this massive transfer represents another major move of XRP made by Ripple since June, as the company appears to be redistributing its XRP holdings. Earlier this month, Ripple released one billion XRP tokens from escrow after having locked 670 million tokens in its escrow wallets about three days prior.
While the motive behind Ripple's recent transfer of XRP remains uncertain, XRP holders are concerned that it could be a bearish move, considering it occurred after XRP saw a sharp drop in its price from a high of $2.25 to an unexpected low of $2.15 on the same day.
Also, the long-running legal case of Ripple with the SEC, which has recently been suspended, makes this move more concerning, as XRP investors are closely monitoring the actions the company takes to help them hedge against any potential shortfalls.
XRP down by 6.26%
The massive transfer of XRP from Ripple to an unspecified destination comes at a time when XRP is experiencing intense selling by holders amid a widespread bleed in the cryptocurrency market.
Data from CoinMarketCap shows that the token has significantly decreased by 6.26% over the past day, with its price trading negatively at $2.16 at the time of publication.
The increasing uncertainty across the market has sparked more curiosity among market watchers about whether this move could help XRP transition to the other side of the market or if it’s just one of those bearish moves that could fuel further declines for the token.
