On Monday, Ripple, the prominent blockchain company, transferred 60 million XRP tokens, equivalent to $42.83 million, to a wallet of unknown origin during a period of heightened XRP market activity and volatility. This information was reported by Whale Alert, a blockchain tracker and analytics system.
The transfer followed an 8.2% surge in the value of XRP, pushing it to its highest level since July at $0.7324 per token. The price was later corrected by 11%, bringing it down to $0.65 per token. As of now, XRP is trading at $0.69 per token after nearly three weeks of steep growth, leading to increased speculation about its potential price ceiling.
The analysis from Bithomp, a blockchain explorer and analytics platform, reveals that the recipient wallet was activated by Ripple in 2021 and is linked to the company itself. The transferred tokens have not been moved since their deposit into this wallet, which already holds a significant balance of 114.47 million XRP ($79.33 million). This series of events underlines Ripple's substantial influence over the XRP market movement.
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