Ripple transfers 70 million in XRP as the price of XRP looks to escape bear market territory.
San Francisco-based payments company Ripple may be set to book some profits on its holdings after transferring a significant sum of 70 million XRP (approximately $37.6 million) to a new wallet, market watchers claim.
? ? 70,000,000 #XRP (38,364,524 USD) transferred from #Ripple to unknown wallethttps://t.co/YiSRje7LAn
— Whale Alert (@whale_alert) October 24, 2023
Blockchain data tracking platform Whale Alert spotted the transfer, which comes some weeks after Ripple unlocked 1 billion XRP tokens from its escrow wallet earlier this month.
While Ripple eventually transferred a significant portion of those holdings back to escrow, the company retained 200 million tokens in a different address and has since also moved 120 million XRP to the Bitstamp exchange.,
Notably, the latest 70 million XRP recently moved is still in the wallet to which Ripple transferred the assets. At the time of writing, the wallet holds a balance of 83.55 million XRP (approximately $45 million).
Blockchain sleuths will be keen to note the fund’s next movement, as it will provide a clear indication of whether Ripple truly wants to book profits on its XRP holdings.
Ripple typically sells XRP to fund its operations and pay employees. Occasionally, the company also sells XRP to financial partners that purchase the asset for use on the company’s on-demand liquidity (ODL) solution for money transfers.
XRP Rebounds Above $0.54
It is notable that Ripple’s latest transfer comes at a time when the price of XRP has made a sharp rebound alongside the broader cryptocurrency market. Rumors of a possible spot Bitcoin ETF approval have reversed market sentiment significantly, with XRP profiting from the bullish outlook among investors.
Additionally, Ripple has enjoyed major wins of its own. First, a U.S. district court ruled in July that secondary sales of XRP did not constitute securities transactions. Last week, the SEC also dismissed its charges against Ripple executives Brad Garlinghouse and Chris Larsen.
These wins have provided regulatory clarity for XRP and boosted investor confidence in the asset. At the time of writing, XRP trades just above $0.54, representing a 10% gain in the past seven days.
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