The cryptocurrency community is abuzz with speculation after Ripple, a major blockchain company, moved a significant amount of XRP tokens. According to market tracker Whale Alert, Ripple sent 150 million XRP, valued at over $78 million, to an unidentified wallet on June 7th, 2024. This transaction follows an earlier report suggesting Ripple might be preparing to sell XRP.
The speculation stems from Ripple’s activity during this month’s 1 billion coin escrow unlock. On June 1st, Ripple transferred 400 million coin internally, consolidating them into their spendable wallet. This internal movement, followed by the recent outbound transfer of 150 million coin, suggests Ripple might be preparing to sell additional coin in the coming days.
However, it’s important to note that Ripple is not the only player making large XRP transactions. Whale Alert also identified significant coin transfers from cryptocurrency exchanges Binance, Coincheck, Bitstamp, and Bitso within the last 24 hours. These movements, totaling over 410 million XRP worth $213 million, highlight the ongoing activity within the coin market.
Also Read: Ripple’s Mysterious XRP Movement: Escrow Shuffle Hints at Potential June Sales Surge
Ripple’s Intentions Remain Unclear
While the recent XRP movements have sparked concerns about potential sales by Ripple, the company has not yet provided any official explanation for their actions. The crypto community is closely monitoring the situation, waiting to see if further outbound coin transactions materialize from Ripple.
Impact on XRP Price
The impact of these large coin movements on the price remains to be seen. Historically, large escrow unlocks have caused anxiety in the market, sometimes leading to price dips. However, the long-term effect of Ripple’s coin sales strategy on the token’s value is yet to be determined.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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