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Ripple Labs, the crypto payments giant, has initiated a massive XRP transfer to an unknown wallet. This mysterious movement of funds has sparked concerns in the community as members speculate about the reason behind the transfer.
Unraveling mystery of 150 million XRP transfer
According to on-chain tracker Whale Alert, Ripple moved 150,000,000 XRP, valued at $85,383,318. However, a notable fact about this transaction is that the unidentified wallet has received a series of Ripple inflows.
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Data reveals that the account has been activated since October 2023. In this month of September alone, there has been a series of outflows from the account. The most recent outflow was 40 million XRP on Sept. 10, while a more recent transaction of 12.08 million XRP also left the account on Sept. 12.
As for inflows, the same wallet address received 200 million XRP from Ripple in August. Another transactional handshake occurred on July 9, when the same XRP tokens (150,000,000) were moved to the address.
The transactions have sparked speculation in the XRP community about whether the unidentified wallet belongs to an institutional investor. Others see the move as an impending bullish run for XRP as it might be a cold storage wallet. Given the happenings in the crypto space, investors anticipate that a bullish wind might soon hit XRP.
Ripple’s stance on an XRP ETF and market performance
Meanwhile, the broader crypto community was shocked when Grayscale Investments announced its XRP Trust. The top asset manager closed the fund previously, after the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission.
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In an earlier report by U.Today, Ripple President Monica Long stated in June, while appearing as a guest on CNBC, that an XRP ETF would make sense. Long’s analysis rested on the performance of XRP, which has remained among the top assets in the chain, based on market capitalization.
XRP was up 5.13% at $0.5658 at the time of writing. Its market volume also increased 116.60% to $1,872,054,743, indicating bullish sentiment.
