Ripple Moves 120M XRP as XRP Aims For $0.5 After Soaring 21%

XRP latest solo rally comes from positive speculations surrounding the SEC case.

Ripple recently moved 120 million XRP tokens valued at $57.6 million amid a massive price surge that has seen the asset appreciate by over 21% in the past 24 hours. This solo rally comes from renewed optimism among investors in the SEC lawsuit.

Ripple’s Movement

As indexed by Whale Alert, the Ripple movement occurred on Tuesday at 20:31 (UTC), with the funds sent to an unknown address. An investigation revealed that the recipient address was activated by Ripple, indicating an affiliation with the Silicon Valley firm.

? ? ? ? ? 120,000,000 #XRP (57,669,946 USD) transferred from Ripple to unknown wallethttps://t.co/Bv3zE0STXY

— Whale Alert (@whale_alert) March 21, 2023

Barely 7 minutes after receiving the 120 million XRP, the recipient address transferred 54.5 million XRP to another unknown wallet affiliated with Ripple. The funds were then routed through two more addresses and ultimately sent in bits to exchanges such as Bitstamp and Bitso.

Several watchers have speculated that the funds could have gone into a settlement in the ongoing SEC litigation. However, due to the nature of the movement, there is little evidence that suggests this.

Investigation indicates that the funds could have gone to cater for liquidity on exchanges or on-demand liquidity purposes, given that Bitso is one of Ripple ODL’s major exchange partners. Recall that, following the launch of ODL; Ripple led an investment round in Bitso four years back to strengthen this partnership.

The recent fund movement from Ripple is the latest of several batches of transactions carried out by the company involving millions of XRP. The San Francisco-based technology company moved 100 million XRP tokens separately on Feb. 21 and Jan. 17. However, these transactions occurred when XRP was still trading below the $0.40 mark.

XRP Embarks on a Solo Rally

The latest transaction has come amid a massive rally embarked on by the asset. As of press time, XRP has gained by 21.17% in the past 24 hours, changing hands at $0.4661. Hours ago, the asset sought to reclaim the $0.50 price point but faced stern opposition at $0.4914.

XRP is currently the highest gainer among the top 100 crypto assets. This recent rally became more apparent yesterday, as highlighted by The Crypto Basic. The uptrend rode on the back of renewed optimism of an imminent favorable ruling in the SEC case, and a surge of demand by whale addresses.