San Francisco-based blockchain company Ripple has stirred speculations with a mysterious transfer involving millions of XRP. On August 18, on-chain tracking platform Whale Alert spotted a major transfer from Ripple involving 200,000,000 XRP.
According to the data provider, Ripple had moved a mega amount of XRP to an unknown address. The transfer was worth over $606 million per XRP’s price at the time the transfer was executed.
The massive XRP transfer from Ripple has sparked reactions across the community as the destination of the transferred assets remained anonymous.
Although the transfer comes as a little bit of a surprise, Ripple is known for making large XRP transfers at intervals, usually a few times every month.
While market watchers have been closely monitoring on-chain moves like this, they have expressed curiosity as to whether the move could be the firm preparing for institutional deals or probably redistributing its reserves.
With the move coming amid a broad crypto market bloodbath, investors fear that the move might be Ripple preparing to dump its holdings ahead of deeper price declines.
Following the anonymous nature of Ripple’s giant move on XRP today, the lack of clarity on the destination of the transfer has fueled discussions about whether it could be tied to upcoming private accumulation which may be bullish for XRP’s potential price.
After days of trading sideways, XRP appears to be retracing back to its previous support level as its price returns above $3.
Over the past days, the broad crypto market has been faced with a massive price bloodbath that saw the price of XRP fall as low as $2.9513 during the early hours of August 18.
Although the massive XRP decline experienced over the last 24 hours has seen short-term holders suffer massive losses, data from crypto analytics platforms shows that up to 94% of XRP’s circulating supply is in profit. This suggests that the XRP ecosystem is dominated by long-term holders with solid faith in the asset’s future potential.
Following the massive XRP transfer made by Ripple today, XRP appears to be forming a decent rebound as its price surges and holds steady at $3.07 as of press time.
While data from CoinMarketCap shows that the asset has plunged below $2.96 on the same day, investors’ hopes for a potential price breakout appear unshaken.
