Recent on-chain activities highlight Ripple’s significant transfer of XRP, even as the cryptocurrency contends with a challenging price point of $0.61. The market has observed Ripple’s performance with keen interest, especially against the backdrop of a complex legal battle with the U.S. Securities and Exchange Commission (SEC), potentially implicating $2 billion for Ripple.
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In these tumultuous times, Ripple has been actively managing its XRP reserves. Notably, a blockchain address linked to Ripple executed a transfer of 130 million XRP, valued at approximately $79 million, to a different wallet last Thursday. This action has sparked concerns among investors about the possibility of Ripple offloading some of its XRP holdings. The address involved in this sizable transaction, having also moved 100 million XRP previously, had been dormant since September 2022 until last month.
The 130 million XRP transferred recently remains unutilized as of now, with the community and market watchers on alert for any potential impact these movements could have on XRP’s market price.
Currently, XRP’s market value sits at $0.61, reflecting a 2% decrease over the past week and only a 4% increase over the last month. This is in stark contrast to Bitcoin’s (BTC) performance, which has seen notable highs in the same timeframe.
Ripple’s CTO Discusses the Challenge of Holding XRP
Ripple’s Chief Technology Officer, David Schwartz, has openly discussed the intricacies of managing the company’s XRP holdings. Acknowledging the difficulty in not selling XRP, Schwartz points out that these sales serve to diversify XRP ownership more broadly. This comes in response to community concerns over Ripple’s significant ownership of XRP, with sales being a primary method to address this issue.
The company faces a critical juncture, needing to address community apprehensions effectively to prevent a potential exit of stakeholders and investors. This week saw XRPL software developer and infrastructure provider Dev Null Productions depart from the network, signaling the urgency for Ripple to reassess its strategy.
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