TL;DR
- Ripple Labs has sparked concern after transferring 150 million XRP to an unknown wallet, leading to speculation about possible strategic motives behind the transaction.
- The receiving wallet, active since October 2023, has recorded several inflows of XRP, including 200 million in August and 150 million in July.
- The recent move coincides with the launch of Grayscale’s XRP Trust, revitalizing interest in a possible ETF for XRP.
Ripple Labs has raised concerns within the crypto community after transferring 150 million XRP, valued at over $85 million, to an unknown wallet. Speculation has surged regarding the possible reasons behind the transaction.
On-chain tracker Whale Alert reported that the receiving wallet has been active since October 2023 and has received multiple inflows of XRP from Ripple in recent months. In August, the same account received 200 million XRP, and a similar transaction of 150 million XRP took place on July 9.
These operations have fueled theories that the wallet could belong to an institutional investor or be used as cold storage, suggesting potential preparations for strategic moves with the asset.
Is a Ripple (XRP) ETF on the Horizon?
Throughout September, the account has shown an active pattern of movements, including the outflow of 40 million XRP on September 10 and an additional transfer of 12.08 million XRP on September 12. This continuous inflow and outflow have led some observers to speculate about possible market manipulations or strategic adjustments by Ripple, although no official information has been confirmed regarding the specific purpose of these transactions.
The news of the massive transfer coincides with the recent launch of the XRP Trust by Grayscale Investments, a development that surprised the market following the previous closure of the fund due to the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The announcement has revived interest in a possible XRP ETF, which was previously mentioned by Ripple President Monica Long, who noted that an exchange-traded fund for XRP would make sense given the asset’s resilience and market position.
Amid these dynamics, XRP has shown a price increase of 1.53%, reaching $0.5693. The market maintains a positive sentiment toward the cryptocurrency, despite uncertainties surrounding the recent transfers.
