The post Ripple Transferring 70 Million XRP to Gain Profits as XRP Exceeds $0.54, What’s Next? appeared first on Coinpedia Fintech News
Ripple has recently secured significant legal victories. The U.S. district court ruled in July that secondary sales of XRP did not constitute securities transactions. After the SEC’s interlocutory card backfired, the latest move of the SEC stumbled many. Last week, the SEC also dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen.
These developments have delivered regulatory clarity for XRP and bolstered investor confidence, contributing to a 10% increase in XRP’s value over the past week, with the token currently trading slightly above $0.54. Whale Alert, a leading blockchain tracker, reports a staggering surge in XRP transactions linked to Ripple Labs in the past 24 hours. So, what’s coming this week for XRP?
— Whale Alert (@whale_alert) October 24, 2023
Market analysts are closely eyeing Ripple after a substantial transfer of 70 million XRP tokens, valued at approximately $37.6 million, to a new wallet. This move follows Ripple’s recent unlocking of 1 billion XRP tokens from its escrow wallet, which was later partially returned to escrow, with 200 million tokens retained in a separate address and 120 million XRP sent to the Bitstamp exchange. The surge came just after Ripple and Uphold joined forces to enhance cross-border payments and bolster crypto liquidity.
Is Ripple Profiting from XRP Holdings? What Whale Alert Say…
Interestingly, the 70 million XRP, which remains in the newly designated wallet, currently holds a balance of 83.55 million XRP, roughly equivalent to $45 million. Observers in the blockchain community are anticipating the next move of these funds, as it could signal Ripple’s intention to realize profits from its XRP holdings.
On the top, Ripple typically employs the sale of XRP to finance operational expenses and employee compensation. The company periodically sells XRP to financial partners who utilize the asset for transactions on Ripple’s on-demand liquidity (ODL) platform. The past movement indicates a similar pattern; on October 22, an anonymous wallet transferred a substantial 412,334,412 XRP, possibly signifying a prominent player engaging in an OTC sale or reorganizing their crypto holdings.
Ripple To Surge 20% In The Coming Week?
XRP’s future teeters on a $0.5604 resistance breakthrough, with $0.60 as the grand prize. Conversely, a drop below $0.5488 could usher in a grim descent towards the critical $0.5035 support zone. This immediate transfer aligns with a resurgence in the price of XRP, paralleling a broader upswing in the cryptocurrency market. Speculation about the potential approval of a Bitcoin exchange-traded fund (ETF) has notably pushed market sentiment, with XRP benefiting from this optimistic outlook.
