While the transfers were made in three separate transactions within just a few minutes, the data showed that they were conducted when $XRP was trading at around $1.25.
The first transaction saw Ripple transfer 120 million $XRP, worth about $150.57 million, to an unknown wallet. Meanwhile, the two other transactions saw 90,000,001 $XRP worth $112.96 million and 99,999,999 $XRP worth $125.56 million transferred to Ripple from wallets that could not be identified.
The timing and volume of such a transfer, especially from a renowned firm like Ripple, did not go unnoticed, and it has sparked concerns among market participants about the motive behind the transfers, as none has been stated yet.
Ripple steps in as Binance fights $XRP exploit
Although speculations suggest that the move could have been attributed to Ripple selling $XRP, especially at a volatile time like this, other commentators are raising a different concern.
Since the transfers arrived just hours after a Ripple executive confirmed that the company was assisting with efforts to address the recent exploit involving Binance, which led to the theft of some $XRP, there are questions about whether the moves could be related.
Although Ripple had confirmed that it was actively freezing affected funds while coordinating with relevant parties, it remains uncertain if the $XRP move is part of its aid in addressing the disturbing incident.
u.today
