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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jan 17, 2024 11:27 UTC
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Ripple on the Move? Massive 80 Million XRP Transfer Revealed
Whale Alert reported a mysterious 80 million XRP transfer to an undisclosed wallet.
They strategically deposited funds into a specific address, securing some while maintaining liquidity.
CEO Garlinghouse predicts imminent XRP ETF approval, boosting investor sentiment.
Ripple’s monthly XRP releases have become a topic of intrigue in the crypto world. January witnessed a noteworthy event as 80 million XRP made its way to an anonymous wallet, capturing the attention of analysts and enthusiasts. It also seems like some strategy was to play at Ripple this month, as was revealed through a series of significant transactions.
Read on to know more about this and the possible reasons.
What’s the Strategy Here?
Renowned analyst Whale Alert recently disclosed a substantial shift in XRP holdings. An impressive 80 million XRP was transferred to an undisclosed wallet, sparking speculation within the crypto community.
This move follows Ripple’s decision on January 1 to move 1 billion XRP, subsequently relocking 80% in escrow. Notably, 200 million XRP, constituting 20% of the total, returned to the company’s spending address.
Brilliant Move, Indeed!
Highlighting Ripple’s tactical brilliance, the company executed a strategic move by transferring 100 million XRP to a specific address (‘rP4X2…sKxv3’) on January 7.
Surprisingly, the company repeated this move later in the month, relocating another substantial sum of 80 million XRP to the same address. This calculated strategy results in Ripple locking up an impressive 46.34 million XRP, valued at $26.46 million, and maintaining a balance of 97.8 million XRP, equivalent to $55.84 million, in the mentioned address.
Read More: Ripple vs SEC : Potential $3 Billion Penalty Looms
Mysterious Transfers: Bitvavo’s Involvement?
Recent buzz within the crypto market surrounds a massive transfer of 443.1 million XRP, valued at a staggering $254.8 million. This eye-catching transaction has raised eyebrows and sparked discussions among XRP holders. Speculations point towards a potential internal operation by the European exchange Bitvavo. Needless to say this has added a new twist to the drama!
Bold Predictions
Adding to the excitement, Ripple CEO Brad Garlinghouse, in an exclusive interview with CNBC, made a shocking revelation. He confidently declared that the approval of the XRP ETF is imminent, signaling a monumental year for XRP enthusiasts in 2024.
Read More: XRP ETFs Will Not Be Approved This Year Due to Legal Fight With SEC – Bloomberg Analyst
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