San Francisco-based blockchain giant Ripple Labs recently transferred 200 million XRP coins, according to the Whale Alert cryptocurrency tracker on the X platform. This massive transaction has stirred the cryptocurrency community, prompting speculation about the purpose behind it. Ripple’s move is part of a broader trend, with XRP whales showing significant activity over the last 24 hours. Whale Alert identified two additional large transfers, each carrying around 100 million XRP. In total, nearly 400 million XRP coins changed hands in the past 16 hours.
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Ripple’s 200 Million XRP Transfer Raises Questions
Whale Alert reported that Ripple transferred a substantial 200 million XRP to an anonymous cryptocurrency wallet approximately 16 hours ago. This transaction sparked a flurry of comments and theories within the crypto community. Some speculate that Ripple is offloading these millions of XRP onto the market, potentially contributing to the recent decline in the coin’s price.
Other commentators believe Ripple might be preparing to pay a $125 million fine to the U.S. Securities and Exchange Commission (SEC) as ruled by Federal Judge Analisa Torres. The fine, related to the ongoing legal battle between Ripple and the SEC, was originally set at $2 billion but was reduced by the judge.
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The 200 million XRP transferred, valued at around $118.9 million, could be intended to cover this payment. XRP-focused explorer Bithomp tracked the transaction to another Ripple-affiliated wallet, further fueling these speculations.
Whale Movements Intensify
In addition to Ripple’s 200 million XRP transfer, Whale Alert identified two more significant transactions.
One involved 100 million XRP, valued at approximately $56.5 million, transferred between wallets associated with Ripple.
The other saw 94.3 million XRP, worth around $53.7 million, moved between unknown wallets. Also, both transactions reflect heightened activity among XRP whales.
Over the past day, XRP’s price dropped by nearly 6%, falling from $0.59807 to $0.56396. However, the coin’s price has since rebounded slightly, currently trading at $0.57971.
