A massive XRP transaction occurs in the last 24 hours which claimed a total of 120 million XRP tokens valued at $57.6 million amid a massive price surge that has seen the asset appreciate by over 21%.
It is worth noting that such a solo rally happens while the battle between the blockchain and the SEC is ongoing and this has added hope to the XRP investors.
According to the Whale Alert, the Ripple movement occurred on Tuesday at 20:31 (UTC), with the funds sent to an unknown address. An investigation revealed that the recipient address was activated by Ripple, indicating an affiliation with the Silicon Valley firm.
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🚨 🚨 🚨 🚨 🚨 120,000,000 #XRP (57,669,946 USD) transferred from Ripple to unknown wallethttps://t.co/Bv3zE0STXY
— Whale Alert (@whale_alert) March 21, 2023
Detail of the XRP transaction
Following the transaction which claimed a total of 120 million XRP, 54.5 million XRP was moved to another unknown wallet affiliated with Ripple. The funds were then routed through two more addresses and ultimately sent in bits to exchanges such as Bitstamp and Bitso.
Several watchers have speculated that the funds could have gone into a settlement in the ongoing SEC litigation. However, due to the nature of the movement, there is little evidence that suggests this.
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Some analysts have thought that the transaction could have been for the maintenance of liquidity on exchanges or on-demand liquidity purposes, given that Bitso is one of Ripple ODL’s major exchange partners. Recall that, following the launch of ODL; Ripple led an investment round in Bitso four years back to strengthen this partnership.
XRP is currently the highest gainer among the top 100 crypto assets. This recent rally became more apparent yesterday.
The latest transaction came at the time that the asset is experiencing a rally as it spiked 21.17% in the past 24 hours, changing hands at $0.4661. Hours ago, the asset sought to reclaim the $0.50 price point but faced stern opposition at $0.4914.
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