Ripple shifts 200,000,000 XRP in a few minutes – what’s going on?

Whale Alert, a well-known blockchain platform that monitors the transfer of large cryptocurrency, discovered an astonishing cryptocurrency transaction launched by Ripple Cryptocurrency Company within two hours.

This transfer coincided with a mere 3% increase demonstrated by today’s XRP prices, which was part of today’s 15% spike.

200 million XRP leaves Ripple wallet

The aforementioned data source revealed that a total of 200,000,000 XRP, worth $402,739,474 at the time of transfer, had left Ripple’s wallet and went to an unknown blockchain address.

The size of this cryptographic transfer and its fiat equivalent were large enough to raise the curiosity of the XRP community. Users wondered about the destination wallet for this huge transfer. Some expressed the take that Ripple sent this huge XRP chunk to be sold.

Explorer Bithom, focused on XRP, sheds light on this transaction. The analysis revealed that 200 million XRP coins first passed on an anonymous wallet, but the next place they were sent was a crypto wallet linked to Ripple. Still, this does not rule out future sales of these 200 million XRP. In the past, the company used the same method to send XRPs and exchanged them to cover operational costs. Another possibility here is that these hundreds of millions of coins will be distributed among Ripple’s institutional clients.

XRP has increased by 15% due to recent developments

In the last two days, the fourth-largest cryptocurrency XRP has seen an impressive 15% price surge. On Wednesday, the news that US President Donald Trump has withheld trade tariffs on all countries for the next 90 days was 19%. However, a slight decline that followed has led to XRP falling from the $2.09 level it reached Wednesday, and is now changing hands at $2 per coin.

China is the exception here, with tariffs on its goods currently accounting for around 145%, but the country issues similarly high tariffs on US goods imported into the market. The stock market responded bolsterously to temporary tariff relief and the damage to the trade war launched by the US president. That day, Bitcoin rose 11.26% that day, surpassing the $83,520 price mark.