Ripple Labs Makes Large XRP Transactions as Crypto Recovers
Ripple Labs, a leading blockchain-based payment company, has recently conducted three massive transfers of XRP tokens. These transactions were made during a period of recovery for the cryptocurrency following a decline earlier in the week. The first transfer involved 120,000,000 XRP tokens valued at $73,838,616. The funds were moved between Ripple Labs’ wallets, which is a common practice for the company. The second and third transfers consisted of approximately 24,600,000 XRP tokens and 18,000,000 XRP tokens, respectively. These transactions were made from Ripple-affiliated wallets to cryptocurrency exchanges Bitstamp and Bitso. It is speculated that these transfers may be an indication of Ripple Labs selling off their XRP holdings.
XRP Predicted to Increase by 1,500% Against Bitcoin
CryptoInsightUK, a cryptocurrency analyst, has shared predictions regarding the price of XRP. He suggests that if XRP can break and sustain a certain level on his chart, it could experience a rise of up to 1,500% against Bitcoin. Even if this does not occur, he still expects XRP to outperform Bitcoin significantly. The analyst also predicts that XRP will move 88% against BTC in the near future. CoinMarketCap data shows that XRP is currently trading at $0.618 with a 1.24% increase in the past 24 hours. Its market capitalization and trading volume have also seen slight increases.
Hot Take: Ripple Makes Major XRP Transfers Amid Crypto Recovery
Ripple Labs has conducted significant transfers of XRP tokens as the cryptocurrency experiences a recovery from a recent decline. These transactions involve millions of XRP tokens being moved between Ripple-affiliated wallets and cryptocurrency exchanges. While the exact purpose of these transfers is unclear, it is speculated that Ripple Labs may be selling off their XRP holdings. Additionally, CryptoInsightUK predicts that XRP could see a substantial increase against Bitcoin, potentially reaching 1,500%. This suggests that XRP may have significant growth potential in the near future.
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