Peter Smith
XRP (Ripple) sees major movement as Ripple quietly shuffles over $738 million between its own wallets, just as the crypto gets close to its 2018 record high.
The crypto world got a shock today when Whale Alert spotted a massive XRP transfer worth $738,134,962. Someone moved 210,669,117 XRP tokens in one go, and at first, nobody knew who was behind it. The XRP community went crazy trying to figure out what was happening with such a huge amount of their favorite crypto.
But here's the twist – it turns out Ripple was just moving money around between its own wallets. The analytics account @XRPwallets dug deeper and found out both wallets belong to Ripple itself.
"Ripple to Ripple. Activated June 2022 from a Ripple subwallet, now sent to a new Ripple subwallet," they tweeted.
XRP (Ripple) Price Nearly Hits 2018 Record
This whole thing happened right when XRP was on fire. Last week, the crypto shot up 20% in just 24 hours, jumping from $3.02 to $3.65. That's super close to its all-time high of $3.85 from January 2018 – we're talking just 20 cents away from breaking that record.
What got everyone excited? Two big things: an XRP ETF launched, and President Trump signed the Genesis Act. This new law deals with stablecoins, which is perfect timing since Ripple just released their RLUSD stablecoin.
What This Means for XRP Price
The good news is this wasn't Ripple dumping XRP on the market. When companies move crypto internally, it usually doesn't hurt the price. It's more like reorganizing your wallet than actually selling anything.
After the weekend rally, XRP did cool off a bit – dropping 5.72% on Sunday before bouncing back with a 3.33% gain. Right now, it's trading at $3.56, still holding strong above the $3.50 level.
With regulatory clarity improving and new products hitting the market, XRP looks pretty solid. The fact that Ripple is actively managing their holdings shows they're still confident in the long game, even as the crypto inches closer to breaking its 2018 record.
Peter Smith
