XRP Price Surges as Ripple Labs Transfers $87 Million to Unknown Wallet

• Ripple transferred 150 million XRP to an unknown wallet, sparking speculation.
• XRP trading volume nearly doubled amid rumors surrounding the transfer.
• XRP broke above $0.60 resistance, but the transfer’s impact remains unclear.

On June 17, 2024, Ripple Labs transferred 150 million XRP tokens, valued at $87.49 million, from one of its wallets to the well-known “rP4X2” wallet. Data from the WhaleAlert blockchain analytics account revealed the transaction. The rP4X2 address, activated in 2023 with a transfer of 70 million XRP, has seen increased activity, suggesting it is not likely tied to any exchange.

150,000,000 #XRP (87,493,136 USD) transferred from #Ripple to unknown wallethttps://t.co/z5janBJZ1N

— Whale Alert (@whale_alert) July 16, 2024

Shortly after receiving the 150 million XRP, the rP4X2 wallet sent 5,000 XRP to another undisclosed address. This address has attracted attention due to previous large XRP movements and is likely associated with a crypto company. However, the recent transfer is not a selloff, as the tokens remain in the wallet, which now holds 352 million XRP.

The community is rife with speculation about the reason behind this…

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