Whale Alert, a decentralized cryptocurrencycurrency monitoring service, recently detected a significant XRP movement from the San Francisco payment company Ripple in the last 24 hours.
A post from Whale Alert claims that Ripple has moved an astounding $100 million in XRP, or roughly $48.61 million, to an unidentified wallet address. Just over three hours have passed since this transfer, and the cryptocurrency community is already abuzz with speculation and concerns.
The recipient wallet, known as “rP4X2h,” currently holds a balance of more than 225 million XRP, which is worth more than $110 million. Even the Bithomp explorer, which hasn’t been able to unearth much information about the person behind this wallet, doesn’t know who owns it.
Even after accounting for yesterday’s repurchase, XRP has increased by an astounding 17.8% from its lowest point of $0.4188 a figure not witnessed in the previous eight months.
In addition, It’s interesting to note that this move coincides with XRP’s price experiencing a notable uptick. Geopolitical tensions caused a brief dip, but XRP has recovered with a noteworthy increase of more over 3% since the start of the most recent daily candle.
Read also: Crypto Market to Hit $5 Trillion Valuation by Year’s End: Ripple CEO
