Mysterious XRP Transfer by Ripple

On June 17, on-chain monitoring firm Whale Alert revealed a recent post on X about a mysterious crypto transfer worth nearly half a billion dollars, involving Ripple and XRP, the third-largest cryptocurrency by market capitalization.

200,000,000 XRP Moved by Ripple

According to the data tracker, Ripple sent a massive 200 million XRP tokens worth over $438 million to an unknown wallet, sparking curiosities among XRP holders.

This move appears to be part of Ripple’s longstanding routine, as the company consistently transfers large amounts of XRP tokens to unidentified wallets each month. However, XRP holders are concerned about the motive behind this particular transfer, especially given its timing.

Notably, this massive transfer marks another significant movement of XRP by Ripple since June, as the company seems to be redistributing its XRP holdings. Earlier this month, Ripple unlocked 1 billion XRP tokens from escrow after locking 670 million tokens just three days prior.

While the reason for this recent XRP transfer remains unclear, XRP holders fear it could indicate a bearish trend, given that it occurred after XRP’s price fell sharply from a high of $2.25 to a low of $2.15 the same day.

Ripple’s ongoing legal case with the SEC, which has recently been put on hold, adds to the concern. XRP investors are closely monitoring the company’s actions to help them hedge against possible negative outcomes.

XRP Plummets 6.26%

The substantial XRP transfer from Ripple to an unidentified wallet coincides with significant sell-offs from holders amid a widespread crypto market downturn.

Data from CoinMarketCap indicates the token has dropped by 6.26% in the last day, trading at $2.16 at press time.

Growing uncertainties in the market have led to increased curiosity among watchers regarding whether this move might positively impact XRP or if it’s merely a bearish sign that could lead to further declines.