Ripple has transferred significant amounts of XRP as the price of the cryptocurrency continues to consolidate around $0.5.
As the price of XRP tries to find a foothold above $0.5, on-chain data reveals that Ripple has continued to move significant amounts for undisclosed reasons.
On Monday, the company transferred 53.75 million XRP (approximately $27.5 million) and 120 million XRP (approximately $60.8 million) to two addresses.
An investigation by The Crypto Basic shows that one address has retained the funds it received. On the other hand, the second recipient address has transferred an equivalent of the received amount but still maintains a 90 million XRP balance (approximately $45 million)
While on-chain transactions do not provide a clear indication of the purpose of the transfer, certain publicly available information may provide a clue.
For instance, the transferred amounts were made to addresses that have been involved in large Ripple-linked XRP transfers over time. This shows the transactions may involve other Ripple-controlled wallets or entities moving such huge sums.
Additionally, the transfer may simply be linked to Ripple’s payment products, which allows financial institutions to leverage XRP for near-instant and low-fee movement of value across borders.
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Ripple typically carries out these large whale transactions occasionally for multiple purposes. Late last month, the payments firm moved 73.4 million XRP across different wallets.
Latest Legal Development
The recent movement in XRP comes after a Magistrate Judge approved a motion to compel the production of financial documents by Ripple. These documents will aid in determining the penalties against Ripple in the case.
XRP Price Stabilizes
It is noteworthy that the latest movement has not had a visible impact on the price of XRP at the time of writing. The cryptocurrency has continued to trade around $0.5, continuing a consolidation phase that began towards the end of January.
Analysts predict that such relatively calm price action will serve as a precursor to a period of increased volatility. However, the major debate is whether prices will move upwards or downwards in light of the broader crypto market’s recent struggles.
Ultimately, XRP’s short-term price may be determined by a combination of historical trends and the movement of the entire crypto market.
Improved bullish market sentiment may help the asset find its footing, while historical trends point towards a significant surge when the bull market fully kicks off.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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