570 Million XRP in One Hour – What's Happening?

U.Today - According to prominent blockchain tracking platform Whale Alert, which monitors large cryptocurrency transfers and then shares the details on its X account, less than 20 hours ago, a mind-blowing amount of XRP changed hands. These cumulative XRP transactions amounted to more than half a billion coins. Blockchain giant Ripple took an active part in transferring these hundreds of millions worth of crypto.

This coincided with a massive price surge demonstrated by the Ripple-affiliated cryptocurrency over the last day as XRP touched the $0.57825 price level.

Half billion XRP on moveThe above-mentioned data source reported that roughly 14 hours ago, two mammoth XRP transactions were spotted. One carried 100,000,000 XRP valued at $53,270,381, while the other transfer contained a whopping 470,000,000 XRP worth $250,454,910 in fiat.

The second and the largest transfer was performed by San Francisco-based blockchain juggernaut Ripple headed by Brad Garlinghouse. Both transfers took place within a single hour.

Ripple made this mammoth-sized XRP transfer to an anonymous blockchain address. However, data shared by XRP-focused explorer Bithomp shows that this wallet was also affiliated with Ripple. After these 470 million XRP landed on it, Bithomp noticed an outgoing transfer carrying 100,000,000 XRP in an unknown direction, too.

The motives behind this enormous XRP transfer initiated by the blockchain heavyweight remain unknown, however, Ripple frequently performs such transactions which result in XRP sales. The proceeds are used by the company to cover its operations and (over the past four years) legal expenses in its case against the SEC regulator.

New Bitcoin ATH triggers crypto market surgeOn Nov. 6, the world’s leading cryptocurrency Bitcoin skyrocketed massively, pleasing the whole cryptocurrency community with a new record price peak, as it hit $75,000 and then soared higher to reach a $76,460 all-time high.

These ATHs were reached after a new political development (a drastic change in government leader) in the U.S. on Nov. 5, with the results officially announced the following day.

Following Bitcoin, other cryptocurrencies demonstrated big price surges as well. Among them was XRP, which soared by almost 10% in the last 24 hours, briefly hitting $0.57825. By now, it has experienced a pullback of 4% and is changing hands at $0.55601 on major exchange Bitstamp.

Source: Investing.com