XRP News: Ripple Moves 230M Coins Amid Price Surge, What’s Happening?

In the latest XRP news, Ripple has continued to make headlines, but this time with a hefty transfer of 230 million XRP.

Notably, this move comes as the broader crypto market has recorded a recovery, with the XRP price soaring more than 2%, indicating renewed interest among traders in the digital assets space.

Meanwhile, the speculations further mounted as another massive transfer of 50 million XRP has also been recorded recently.

These latest transfers have also left the community guessing over the potential reasons, especially as it comes ahead of a crucial deadline in the Ripple Vs. SEC lawsuit.

XRP News: Ripple’s $500 Mln Move Sparks Speculations

The investors have kept a close eye on the XRP news thread, despite the Google search interest hitting a record low recently.

However, this time, Ripple is making headlines with a massive transfer that has fueled discussions in the market.

According to Whale Alert data, Ripple has moved 230 million XRP, valued at $498.51 million, to an anonymous wallet.

The destination wallet “rP4X2….sKxv3” remained unidentified, which has fueled speculations in the community.

Meanwhile, some believe that Ripple could be gearing up for a major update or liquidity adjustment. On the other hand, others deem the transfer to be linked to a high-net-worth trader shifting funds for private reasons.

Although the actual reason for the movement is not yet confirmed, such massive XRP transfers are not rare.

Often, Ripple shifts funds for liquidity, operational needs, or cross-border transfers. In addition, the discussions are further intensified by another recent XRP transfer.

Whale Alert noted that the destination wallet (“rP4X2….sKxv3”) has recently sent 50 million XRP, worth $108.19 million, to another unknown wallet identified by the address “rhWt2….E32hk”.

Can XRP Hit $5 Ahead?

XRP price jumped nearly 2% today and traded at $2.18, with its one-day volume falling 50% to $2 billion. Notably, the crypto has hovered between the $2.15 and $2.19 zone in the last 24 hours.

However, despite the recent surge, CoinGlass data showed that XRP Futures Open Interest stayed in the red. This indicates that the investors are treading cautiously amid the volatile scenario in the broader crypto market.

Besides, as XRP price continues to stay in the consolidation phase over the past few days, the investors are waiting for a major catalyst now.

Meanwhile, the XRP community is now awaiting the June 16 deadline in the Ripple vs SEC case. Lawyer Fred Rispoli recently highlighted that Ripple and the US SEC must file a status report in the 2nd Circuit by the deadline.

A conclusion in the long-running XRP lawsuit, if happens, could trigger a massive surge in Ripple price. Simultaneously, the market pundits also remained optimistic about the future trajectory of the coin.

For context, in a recent X post, analyst Dark Defender said that if Ripple price can hold the $2.22 support, it could target the $2.40 next.

Besides, he also noted that if the bulls continue to dominate, the next target for XRP price sits at $5.85.

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