The price of popular cryptocurrency XRP saw exceptional performance during today's trading session, as the quotes of the $160 billion asset suddenly soared by 7.5%. Following this sudden act of price appreciation, XRP saw its quotes reach a two-week high of $2.75.
Interestingly, the price action was preceded by a shift of over $1 billion worth of XRP by San Francisco-based cross-border crypto payments provider, Ripple. The company is the largest user of XRP, with the token being used in Ripple's services, including remittances, money settlements, cross-border payments and on-demand liquidity.
Related
Fri, 02/14/2025 - 08:49 XRP Price Prediction for February 14
Denys Serhiichuk
HOT Stories Shiba Inu Burn Rate Skyrockets 2,000%, What's Next for SHIB Price? Ripple CEO Reacts to SEC Acknowledging XRP ETF Proposal SEC Just Sent ‘Enormous Message’ About XRP Shiba Inu (SHIB) Death Cross Finalized, Dogecoin (DOGE) Forms Cup Bottom, Bitcoin (BTC) Trapped: What to Expect?
Both the token and the company are associated with each other, even though they are two different entities. Ripple even holds 37.44 billion XRP in its escrow accounts, which it gradually releases each month.
XRP Price by CoinMarketCap
However, the transfer, which occurred in two tranches, is not related to the monthly release of tokens and happened suddenly. Ripple first moved 300 million XRP, which is currently worth $822 million. The transfer happened to a previously unknown address, "rP4X2." It is not a fresh or new wallet and has been in use since 2023. Whether it is a Ripple wallet remains unanswered.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (778,731,954 USD) transferred from #Ripple to unknown wallethttps://t.co/oOSdKeq1kT
— Whale Alert (@whale_alert) February 13, 2025The next was a 90 million XRP shift, when an amount of tokens worth about $246.6 million was sent to "rhWt2." This wallet is also not new and has been exploited for the last two years. However, it is difficult to say that it belongs to Ripple as well, since it was not even activated by the company.
Related
Fri, 02/14/2025 - 06:24 Ripple CEO Reacts to SEC Acknowledging XRP ETF Proposal
Alex Dovbnya
Sudden large transfers of cryptocurrency often cause anxiety and trigger greed and fear in market participants. In this case, the ripple effect is exactly the opposite as the price of XRP skyrockets. How this will end, however, is another question.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
