Ripple Moves 150 Million XRP, Fueling An 11% Price Surge

Christian Encila

Last Updated: September 15, 2024 8:19 am

3 mins read

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With a huge 150 million XRP transfer to an unknown wallet, Ripple Labs has rocked the crypto scene. Based on on-chain tracker Whale Alert, the transaction—worth more than $85 million—has left many in the crypto community guessing about Ripple’s gameplan.

Ripple has been sending XRP into this wallet before, which begs questions about what the payment behemoth would do going forward.

That is quite timely, considering rumors about an XRP Exchange-Traded Fund (ETF) are rife. The recent announcement by Grayscale XRP Trust increased the possibility of XRP emulating Bitcoin and Ethereum in getting an ETF listing. The fact that Ripple is still in a continuous legal fight with the Securities and Exchange Commission further shrouds this issue in mystery as investors await the next developments.

🚨 🚨 🚨 🚨 150,000,000 #XRP (85,383,318 USD) transferred from #Ripple to unknown wallethttps://t.co/uwRDwlk3LS

— Whale Alert (@whale_alert) September 13, 2024

Examining The Movement

According to Whale Alert data, this mysterious wallet has been receiving XRP from Ripple quite regularly since October 2023. There were some inflows and partial outflows in that account during September also.

The most recent transaction is 12.08 million XRP on September 12. Before that, on September 10, there was an outflow of 40 million XRP from the account. Most interestingly, the wallet also received 200 million XRP in August, therefore increasing its already massive stash.

The regular transfer of XRP into and out of this wallet has resulted in various hypotheses among XRP proponents. While some say the wallet belongs to an institutional investor, others suspect it’s Ripple consolidating money in preparation for a major announcement.

Another often accepted belief is that this wallet might be used for cold storage, a preventive action to protect significant XRP quantities.

XRP is currently trading at $0.58. Chart: TradingView

ETF Speculation For XRP Grows

Driven by Grayscale’s release of its XRP Trust, the move coincides with growing interest about an XRP ETF. An XRP ETF might materialize in the next eight months, according to industry analysts. Should it occur, Ripple and its native token would reach a significant turning point. But the result of Ripple’s legal fight with the SEC might affect the chronology for such innovations.

Where Ripple has already scored a partial victory in the dispute against the SEC, the latter has its window till 6th October to file its appeal, and so there is still uncertainty. The case is under close observation from the investors as a favorable outcome would pave the way for more institutional investments, which may even push up the XRP price.

The concept of an XRP ETF has helped the market react favorably despite legal impediments. With XRP trading at $0.5612, the price surged by nearly 4% after Grayscale’s statement. This price spurt shows increasing faith in Ripple’s capacity to overcome obstacles amid regulatory pressures.

Positive Sentiment Develops Around XRP

XRP’s price has risen 11% over the past week; trade volumes have surged to $980 million. Its market capitalization, which indicates great interest from institutional and ordinary investors, is getting near $30 billion. Many people are asking if Ripple is preparing for a big action given the recent 150 million XRP transfer adds to the mystery.

Featured image from CPO Magazine, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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