Will Ripple’s Transfer of 130M XRP to Unknown Wallet Impact Price?

Will Ripple’s Transfer of 130M XRP to Unknown Wallet Impact Price?

When XRP and Bitcoin have entered the green zone, the XRPL Monitor found that nearly 174.4 million XRP were transferred in just 11 hours.

Ripple transferred the biggest number of XPR reaching around 130 million.

A total of 100 million XRP moved from one Ripple portfolio to another. Meanwhile, 30 million XRP moved to multi-signature wallets created by digital asset trust company BitGo, data from Bithumb showed.

Crypto exchanges Bithumb and Coinoine transferred the remainder of the XRP.

Despite the fact that the massive quantity of XRP injected into the market by Ripple is considered a bearish sign, traders are currently saying the contrary.

TradingView analysts share their bullish outlook on the XRP, taking into consideration its current position. They said the cryptocurrency is moving towards $0.30.

Trader ‘TradingShot’ said:

“There are two scenarios for XRPUSD right now: Either (A) a +220% Lower High rise as in 2018 to $0.30 or (B) a slower rise to a Lower High at $0.24 assuming the March heavy sell-off was an anomaly caused by the coronavirus panic.”

At the time of writing, XPR rose 3.24 percent to $0.1628. It ranks 3rd with a market cap of $7.07 billion.

MoneyGram sells XPR worth $11.3M from Ripple

Remittance provider MoneyGram has announced selling XRP worth $11.3 million as part of MoneyGram’s agreement with Ripple, the Daily Hodl website reported.

In its latest filing to the United States Securities and Exchange Commission (SEC), MoneyGram said it has received XRP from the payment startup as a compensation for accessing the latter’s On-Demand Liquidity platform.

The report reads:

“The Company is compensated by Ripple in XRP for developing and bringing liquidity to foreign exchange markets, facilitated by the ODL platform, and providing a reliable level of foreign exchange trading activity.”

Early this month, Cryptolydian reported MoneyGram as stating that Ripple has injected large amounts of funds since its investment in the company in June 2019.

According to a Financial Times report, MoneyGram classified these cash flows as revenue until it consulted with the SEC.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.