XRP Surges as Ripple Moves 150 Million in Bold Transfer
Ripple has once again moved a substantial amount of XRP, transferring 150 million XRP, worth $85 million, today. The transaction comes as speculation grows about a potential XRP exchange-traded fund (ETF). According to Whale Alert, a blockchain tracker, Ripple moved the large sum from a known Ripple address to an undisclosed wallet.
The transaction occurred at 4:40 AM UTC, with the sender being the Ripple-affiliated address rBg91m and the recipient listed as rP4xv3. This is not the first time Ripple has moved large amounts to this wallet. In August, the same address received 200 million tokens from Ripple, and another 150 million tokens was sent to the wallet on July 9.
Ripples continued relationship with this wallet is noteworthy. The receiving address, rP4xv3, has a history of holding XRP transfers from Ripple, and it seems that this is part of an ongoing liquidity strategy. Data from Bithomp, a Ripple analytics platform, shows that this wallet held 218 million tokens after the latest transfer.
Ripples sending address, a multi-signature wallet, still holds 200 million tokens, indicating that the company has maintained a significant reserve of its native asset.
This consistent movement of the token raises questions about Ripples long-term strategy, especially as the market is increasingly speculating on an XRP ETF. The transfer coincides with growing optimism surrounding the asset and Ripples ongoing legal situation with the SEC.
XRP ETF Rumors Gain Momentum
Rumors about an XRP ETF have reached new heights following Grayscales recent announcement of launching the Grayscale XRP Trust. Grayscale has historically converted its other cryptocurrency trusts, such as Bitcoin and Ethereum, into ETFs. Now, the market is speculating that XRP could be next in line.
Industry experts, such as Blair Campbell, have suggested that an XRP ETF could become a reality within four to eight months. However, the uncertainty surrounding Ripples legal battle with the SEC casts a shadow over this timeline. Ripple has already achieved a partial victory, but the SEC has until October 6 to file an appeal.
Despite these challenges, the Ripple token has seen a positive market response. Following the announcement from Grayscale, the token rose by over 4% in the past 24 hours, trading at $0.5611 at the time of writing.
XRPs bullish sentiment reflects confidence in Ripples resilience and the possibility of an ETF launch. Over the past week, the token has maintained steady growth, with a trading volume of $980 million and a market capitalization of $29.9 billion. This transfer adds to the momentum, with investors watching closely to see how Ripple navigates its regulatory and market developments.
As the countdown to the SECs decision continues, Ripples strategic moves, such as these large transfers, suggest the company is positioning itself for the next big step.
Read more: https://www.tronweekly.com/xrp-ripple-moves-150-million-in-bold-transfer/
Text source: TronWeekly
