Price of XRP Increases 10% Weekly as Ripple Transfers 70 Million
Blockchain giant Ripple Labs has moved nearly 100 million XRP in two separate transactions over the past 24 hours, according to on-chain data.
Deepak 
Blockchain giant Ripple Labs has moved nearly 100 million XRP in two separate transactions over the past 24 hours, according to on-chain data. The first transaction, for 70 million XRP, was sent from Ripple to an unknown wallet, while the second transaction, for 27.4 million XRP, was sent from an unknown wallet to the Bitstamp exchange.
These large XRP transfers come as the price of XRP has been rising steadily over the past week, adding nearly 10%. The price of XRP is currently trading at $0.55, up from $0.50 last week.
It is unclear why Ripple is moving such large amounts of XRP, but some analysts speculate that the company may be preparing to sell some of its XRP holdings or to distribute XRP to its partners and customers.
In addition to the two XRP transfers from Ripple, another whale transaction was spotted on October 22, when 412 million XRP were moved from one anonymous wallet to another. This suggests that there is still significant whale activity in the XRP market.
The recent rise in the price of XRP is likely due to a number of factors, including the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), the growing adoption of Ripple's On-Demand Liquidity (ODL) service, and the overall bullish sentiment in the cryptocurrency market.
Overall, the recent news of Ripple's XRP transfers and the rising price of XRP is positive for the company and its investors.
