Recently, Ripple transferred 120 million XRP tokens worth $57.6 million during a sharp price increase that increased the asset by almost 21% over the previous day.
The SEC action has investors feeling more optimistic than ever, which has led to the latest single rally in XRP, which now targets $0.5 after jumping 21%.
According to Whale Alert’s index, the fund was sent via Ripple to an unidentified address on Tuesday at 20:31 (UTC).
The recipient address was activated by Ripple, according to an inquiry, revealing a connection to the Silicon Valley company.
The receiver address moved 54.5 million XRP to another unknown wallet connected to Ripple just 7 minutes after getting the 120 million XRP.
After passing via two more addresses, the money was finally transmitted in bits to exchanges like Bitstamp and Bitso.
Speculations About Funds Moved by Ripple
Since Bitso is one of Ripple ODL’s key exchange partners, Investigations suggest that the funds may have been used to support exchange or on-demand liquidity needs.
Recall that Ripple led an investment round in Bitso four years ago to strengthen this collaboration after the launch of ODL.
Also, many analysts have speculated that the funds might have been used to settle the ongoing SEC lawsuit.
Unfortunately, there needs to be more data to support this because of how the movement is organized.
Ripple carried out the most recent round of transactions involving millions of XRP in a recent fund movement.
On February 21 and January 17, the San Francisco-based software startup transferred 100 million XRP tokens in separate transactions.
However, XRP was still trading below the $0.40 level during these trades.
Why has XRP increased by Almost 20%?
With a 24-hour trading volume of USD 4,820,156,250, the current live XRP price is USD 0.455570.
Throughout the past 24 hours, the price of the XRP coin has surged, hitting levels unseen in months. It now holds the distinction of best-performing cryptocurrency among the top 10.
This increase can be ascribed to the’s lawsuit against Ripple’s anticipated outcome.
Yesterday, as was emphasized, this recent rally became more pronounced.
The rise was supported by increased hope that the SEC case would soon receive a favorable verdict and a spike in demand from whale addresses.