American blockchain payments firm Ripple Labs Inc. has moved a total of 100,000,000 XRP in another large in-house fund shift.
According to data from crypto data provider Whale Alert, the 100,000,000 XRP moved is valued at $56,348,748, implying that the company moved each XRP at an average price of $0.5635.
The transfers come in when XRP faces an extended price drawdown. Over the past 24 hours, XRP has fallen by 2.35%, bringing its price to $0.5563.
The token’s market capitalization is also down by 2.3% to $30,206,845,279, while trade volume is up 143.48% within the same time span to $1,728,117,218, indicating an influx of investor demand.
Ripple’s Consistent XRP Transfer
According to the Whale Alert, the funds were sent from Ripple’s wallet address labeled “rBg2FuZT91…4vt5x1o91m” to another address it activated in October last year.
This fund transfer is reminiscent of Ripple’s operations month-on-month, characterized by similar XRP movements between its controlled wallets.
? ? ? 100,000,000 #XRP (56,348,748 USD) transferred from #Ripple to unknown wallethttps://t.co/GcOtwCsMYR
— Whale Alert (@whale_alert) January 7, 2024
The wallet the transfer originated from is historically used for these in-house transfers as it has deposited XRP inside this particular receiving wallet on at least 3 occasions in the past month. The largest of these three transfers features 120,000,000 XRP transferred on December 20, 2023.
Notably, the purpose of these transfers remains unknown and though there is no fear of liquidations at the moment, there is still a possibility Ripple Labs will offload as much as 200,000,000 XRP this month, per an earlier report from The Crypto Basic.
Bolstering Market Reassurance
Ripple Labs plays a crucial role in the market especially as it concerns the control of the total XRP in circulation.
Earlier this month, the company released 1 billion from escrow as it typically does. However, the Brad Garlinghouse-led firm re-locked a total of 800,000,000 XRP back in escrow at the time, triggering a new round of thesis from market observers.
As a payment and settlement digital currency, XRP’s availability is paramount for easy accessibility by both retail and institutional investors. Ripple plays a role in ensuring the market maintains these unique dynamics.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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