Ripple is once again in the spotlight after transferring 200 million XRP to an unknown wallet. This move has raised numerous questions among investors and experts.
Ripple Moves 200 Million XRP
According to the on-chain transaction tracking platform Whale Alert, Ripple transferred 200 million XRP to an anonymous wallet identified by the address "rJqiM…La8nE." The latest transfer was valued at $439.23 million. The blockchain firm typically processes these large transactions for liquidity and cross-border payment services, but the timing has fueled additional speculation.
Brad Garlinghouse's Reactions and Comments
Ripple CEO Brad Garlinghouse praised the U.S. Senate's passage of the GENIUS Act Stablecoin bill. He noted that this marks a historic moment for the crypto industry, as the legislation creates a regulatory framework for payment stablecoins and is the first crypto-specific bill ever passed in the Senate.
XRP Prices Drop Amid Broader Market Selloff
Despite the positive news surrounding the GENIUS Act's passage, the broader cryptocurrency market saw a decline. At the time of writing, the global crypto market cap fell by 1.4% to $3.27 trillion. XRP's price dropped more than 3% to $2.15, with trading volume falling by 39% to $3.22 billion.
The transfer of 200 million XRP has sparked investor interest, especially in light of new legislative initiatives. However, the broader market impact may complicate XRP's price recovery in the short term.
