An unknown Ripple whale transferred a whopping amount of XRP coins earlier today.
Whale Alert, a cryptocurrency whale tracking service, observed the movement of 500 million XRP coins from an address on the Kraken exchange to an unknown wallet.
According to leading cryptocurrency whale tracking service, the funds were worth $161.22 million at the time of the transaction.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (161,221,368 USD) transferred from #Kraken to unknown wallethttps://t.co/eZ5jg2huXT
— Whale Alert (@whale_alert) August 29, 2022
Whale Alert Tracking Large XRP Transfers
It is noteworthy that a transaction of this sort is considered a positive development, which suggests a rising interest in XRP among whale investors. The recent transaction adds to the list of large XRP movements that have been reported by Whale Alert.
Whale Alert has been covering developments about large on-chain cryptocurrency transactions, and Ripple (XRP) happens to be on the list of crypto assets tracked by Whale Alert.
This month alone, Whale Alert has tracked the movement of a huge volume of XRP running into billions of dollars. The funds have been sent from different crypto exchanges to unknown wallets, with Ripple directly involved in some of the transactions.
Most of these massive XRP transfers are made by Ripple On-Demand Liquidity (ODL) clients. As disclosed by Ripple, demand for ODL services has skyrocketed lately, which has prompted the company to purchase XRP from secondary markets, to meet these surging demands.
The motive behind the recent 500 million XRP transfer is unknown at the time of writing. It is not clear whether the transaction was made for ODL or investment purposes.
However, the current price of XRP is seen as a good opportunity to buy. At the time of writing, XRP is changing hands at around $0.32 across various cryptocurrency exchanges, data from Coingecko shows. Like most crypto assets in the market, XRP is down 3.7% in the last 24 hours and 6.7% in the past week.
The possibility of a massive rally in XRP strongly depends on the development of the ongoing Ripple vs. SEC lawsuit.
A favorable ruling for Ripple would bolster the price of XRP while a negative event in the lawsuit may cause the coin’s price to surge further.
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Source: https://thecryptobasic.com/2022/08/29/500-million-ripple-xrp-worth-161m-transferred-from-kraken-to-unknown-wallet-in-one-single-transaction/?utm_source=rss&utm_medium=rss&utm_campaign=500-million-ripple-xrp-worth-161m-transferred-from-kraken-to-unknown-wallet-in-one-single-transaction