250 million XRP finds a way out of Ripple’s pocket

250 million XRP finds a way out of Ripple's pocket

A whopping 250 million XRP was withdrawn from a Ripple wallet to an unknown destination today, thanks to a report from Whale alert.

A whopping 250 million XRP was withdrawn from a Ripple wallet to an unknown destination today, thanks to a report from Whale alert.

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According to the Bithomp explorer, the address of the recipient of the amount of the popular cryptocurrency equivalent to 122.5 million dollars, “rP4X2”, was activated on October 2 of last year. Activation was done by transferring 70 million XRP to this address.

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Now this wallet contains almost 270.96 million tokens. Meanwhile, 39.5 billion XRP remains in Ripple escrow accounts.

The destination of the transferred XRP remains undisclosed, leading to speculation within the community. It is possible that the address belongs to Ripple itself, although it was originally activated by a transfer from another unknown address.

Another theory suggests that it could be a hot wallet associated with a major exchange platform. Drawdowns of this magnitude from stocks are generally viewed with caution by the market and are often seen as a sign of potential selling pressure.

XRP Price Outlook

But let’s move on to the XRP price chart and see that the price of the popular cryptocurrency did not drop today amid a large transfer. On the contrary, the token’s quotes have increased by more than 1.1% in the last few hours. XRP is now trading at $0.495.

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XRP to USD by CoinMarketCap

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What impact, if any, will this transaction have on XRP price perception in the future? This question is likely to dominate community discussions in the coming days.

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