A recent transfer of 320 million XRP by SBI VC Trade has sparked a wave of speculation in the cryptocurrency community. This move occurred prior to Ripple's scheduled escrow release.
SBI VC Trade's XRP Transfer
On Monday, SBI VC Trade executed a transfer of 320 million XRP tokens, which is equivalent to over $703 million. The transfer was highlighted by Whale Alert, which also reported another pair of transactions of 160 million XRP to two different addresses. Research showed that the wallet that sent the tokens is linked to SBI Holdings’ subsidiary.
Relation to Ripple's Escrow and Japan's Changes
The transfer occurred before Ripple's planned $1 billion escrow release, leading the community to associate it with potential major moves from SBI VC Trade. Additionally, last week, Japan's Financial Services Agency proposed reclassifying cryptocurrencies as legitimate financial products and suggested reducing the crypto tax rate from 55% to 20%.
XRP Market Movement
Following the transfer, the price of XRP slightly pared its gains and fell below $2.20. The 24-hour lows and highs were recorded at $2.18 and $2.22, respectively. Trading volume for XRP increased by 15%, indicating a rise in interest among traders. At the same time, the price remains below the 50-SMA, 100-SMA, and 200-SMA, while the Relative Strength Index (RSI) has slipped slightly to 50.68.
The massive XRP transfer and regulatory changes in Japan represent significant events in the cryptocurrency ecosystem. These factors could impact the market and investor behavior in the future.
