Ripple, a blockchain company specializing in international transfers, transferred 46.34 million XRP tokens worth approximately $24.75 million to a mysterious wallet.
Ripple Transferred 46 Million XRP Tokens
The transaction reported by Whale Alert involved moving these significant funds from Ripple's official address to an undisclosed wallet identified as “rP4X2.”
🚨 46,340,000 #XRP (24,746,250 USD) transferred from #Ripple to unknown wallethttps://t.co/5Tr5MjBt2m
— Whale Alert (@whale_alert) January 30, 2024
The mysterious wallet, which was first activated in October of the previous year with an initial transfer of 70 million XRP, attracted attention due to its characteristically large transaction volume. However, it is estimated that this wallet is related to XRP's ODL systems. In other words, it is thought that the transfer is only an intra-company transfer and not for sale.
While Ripple carries out this unexpected transaction, the market performance of the XRP token remains in balance. There had been a decline in the value of the token in recent weeks and it had hit the important support level of $0.50.
Historically, this point has served as a reliable recovery point for XRP; However, current market conditions characterized by uncertainty and fear make predicting the token's trajectory challenging.
February, which begins in just two days, has historically had an ominous meaning for the XRP price.
While favorable market conditions could potentially support XRP to find a local bottom at the current support level, the prevailing uncertainty in the market may require a cautious approach.
*This is not investment advice.
