14.02.2025 10:54
**Surge in XRP Price Spurs Speculation**
The value of Ripple's cryptocurrency, XRP, experienced a dramatic surge during its recent trading session, witnessing a remarkable 7.5% rise. This surge propelled XRP to a fortnightly high of $2.75. Notably, the price action was preceded by an enigmatic shift of XRP worth over $1 billion by Ripple, the San Francisco-based cross-border crypto payments provider.
Ripple, the primary consumer of XRP, utilizes the token for its services ranging from remittances to cross-border payments. Despite the connection between the token and the company, they remain distinct entities. Ripple holds a substantial 37.44 billion XRP in escrow accounts, gradually releasing tokens each month. Interestingly, the recent transfer, executed in two tranches, deviated from this monthly release and occurred abruptly.
Initially, Ripple transferred 300 million XRP, valued at $822 million, to a previously unknown address, "rP4X2." This address has been operational since 2023, but its affiliation with Ripple remains uncertain. Subsequently, Ripple sent 90 million XRP, worth approximately $246.6 million, to "rhWt2." This address has also been active for the last two years, but its connection to Ripple is speculative, as it was not activated by the company.
The sudden movement of such a massive volume of cryptocurrency typically evokes anxiety and polarizes market participants. However, in this instance, the subsequent price surge of XRP suggests a positive response. The trajectory of this event remains uncertain, leaving analysts and investors to speculate about the potential ramifications.
