XRP Price Surges as Ripple Labs Transfers $87 Million to Unknown Wallet

On June 17, 2024, Ripple Labs transferred 150 million XRP tokens, valued at $87.49 million, from one of its wallets to the well-known “rP4X2” wallet. Data from the WhaleAlert blockchain analytics account revealed the transaction. The rP4X2 address, activated in 2023 with a transfer of 70 million XRP, has seen increased activity, suggesting it is not likely tied to any exchange.

Shortly after receiving the 150 million XRP, the rP4X2 wallet sent 5,000 XRP to another undisclosed address. This address has attracted attention due to previous large XRP movements and is likely associated with a crypto company. However, the recent transfer is not a selloff, as the tokens remain in the wallet, which now holds 352 million XRP.

The community is rife with speculation about the reason behind this large-scale move. Some believe Ripple may be undergoing an internal reorganization, while others speculate about possible tactical actions by Ripple or its partners.

The trading volume for XRP has also increased significantly amid the rising rumors surrounding Ripple. On July 15, 2024, the trade volume of XRP was $1.79 billion, and it nearly doubled to $3.36 billion the next day. XRP recently broke through the $0.60 resistance level, and holding this level will be critical as the ongoing Ripple vs. SEC lawsuit intensifies.

As of July 18, XRP is trading at $0.564 per token after recovering to a significant support level. While the exact reason for this large transfer remains unclear, it has undoubtedly piqued the interest of cryptocurrency enthusiasts and raised questions about XRPs current market performance.

While the motives behind Ripple Labs‘ transfer remain a subject of speculation, the event has underscored XRP’s volatility and renewed interest in the cryptocurrency amidst the ongoing legal battle with the SEC.