Ripple’s recent transfer of 100 million XRP tokens to a wallet of unknown origin has triggered speculation about the motive behind the move. As the market buzzes with rumors of a potential sale to fund the Fortress acquisition, XRP’s trading volume has seen significant growth, climbing past $1.3 billion within 24 hours.
Ripple’s 100 Million XRP Transfer and Market Impact
Whale Alert, a decentralized crypto monitoring service, recently highlighted a notable XRP movement originating from Ripple. The San Francisco-based payment firm transferred 100,000,000 XRP to an undisclosed address, with the tokens valued at approximately $47,099,848 based on XRP’s current market price.
🚨 🚨 100,000,000 #XRP (47,099,848 USD) transferred from #Ripple to unknown wallethttps://t.co/TQLTR2VL8d
— Whale Alert (@whale_alert) September 11, 2023
Read Also: Ripple Moves Millions of XRP To ODL Partner, Igniting Concerns Amidst Falling Prices
In conjunction with this substantial transfer, XRP trading volume has experienced a fascinating surge. Data from CoinMarketCap reveals that within the past 24 hours, XRP’s trading volume surged past $1.3 billion, representing a significant 60% increase from the previous day’s volume of approximately $777 million.
Ripple’s XRP Sale to Finance an Acquisition?
The timing of Ripple’s recent 100 million XRP transfer coincides with when it’s been speculated within the XRP community that it sold XRP to fund the Fortress acquisition.
The acquisition also coincided with a security breach, which affected several Fortress Trust users. Ripple reportedly stepped in to provide funds to support the affected users.
Pro-XRP attorney Bill Morgan suggested that Ripple may have sold XRP to finance the Fortress bailout, considering XRP’s recent bearish trend. However, others in the XRP community, including prominent figure Moon Lambo, argued that Ripple possessed ample liquid capital to fund the acquisition without relying heavily on selling XRP.
I wouldn’t want to think that Ripple sold a lot of XRP to fund this acquisition and bailing out of Fortress customers putting downward price pressure on XRP. But that couldn’t be the cause of the price fall today as the whole crypto market fell. https://t.co/siWkXpXL5M
— bill morgan (@Belisarius2020) September 11, 2023
Read Also: The SEC Accuses Ripple of Tactically Prolonging Lawsuit to Continue Selling XRP, Deaton Reacts
Examining records from Whale Alert reveals interesting insights into Ripple’s XRP movements. The recent 100 million XRP transfer is not an isolated event, as the recipient address had previously received 75 million XRP from Ripple on September 1 and 150 million XRP two weeks prior. It is worth noting that these transfers occurred before Ripple’s public announcement of the acquisition.
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