XRP Token Burn Hits 2-Month High, Whales Execute Large Money Transfer

XRP Token Burn Hits 2-Month High

In a noteworthy turn of events reported by XRP Scan, the XRP Ledger experienced an unprecedented surge in token burns, marking the most robust activity witnessed in the past two months. On Tuesday, an impressive 5,995 XRP tokens were burned, indicating a substantial improvement in the blockchain’s performance.

The focal point of this significant milestone revolves around the remarkable surge, surpassing any burn activity observed in the preceding two months. At the close of Tuesday, a total of 3,403 XRP tokens were burned as commissions within the XRPL. However, by the end of the following day, this figure had soared, boasting an astonishing 176.5% increase.

This surge in token burning not only underscores a strong demand for XRP but also prompts inquiries into the underlying forces driving this sudden uptick. Various factors may contribute to this surge, such as heightened transactional activity within the XRP ecosystem and an increasing interest from market participants. The spike in burn rates may also signify an elevated level of engagement and confidence in XRP as a valuable digital asset.

As XRP garners attention with this impressive performance, both the community and investors are eagerly awaiting further developments. The latest achievement of the XRP Ledger in recording the most significant burn in two months positions XRP as a cryptocurrency worth closely monitoring.

Ripple Executes Substantial XRP Transactions Amidst Price Recovery

Ripple Labs, a prominent blockchain-based payment company, has engaged in sizable XRP transactions as the cryptocurrency rebounds from a recent downturn. According to Whale Alert, an on-chain crypto tracker, Ripple conducted three notable transfers of XRP, capturing the attention of the crypto community.

🚨 🚨 🚨 120,000,000 #XRP (73,838,616 USD) transferred from #Ripple to unknown wallethttps://t.co/JCa3JYh81V

— Whale Alert (@whale_alert) December 20, 2023

These massive XRP transfers coincided with the cryptocurrency’s noteworthy recovery following a two-day bearish period. The largest transfer involved the movement of approximately 120,000,000 XRP, valued at $73,838,616 at the time of the transaction. This transfer occurred between wallets owned by Ripple Labs, a practice the company frequently employs since activating the receiving wallet in October.

Subsequent to the initial transfer, the second transaction involved around 24,600,000 XRP tokens, valued at $15,099,780 during the transfer. This whale transfer originated from another Ripple-affiliated wallet and was directed towards the cryptocurrency exchange Bitstamp, suggesting a potential intention to sell the digital currency.

In the final whale transfer, roughly 18,000,000 XRP tokens were moved from another Ripple-associated wallet to the crypto platform Bitso, with a reported value of $10,965,860 at the time of detection. Similar to the previous transfer, this move might signal a liquidation strategy, given that the funds were directed to a crypto exchange wallet.

Related: Long-Term XRP Investors Can Rest Assured

Despite these substantial whale transactions, there is currently no concrete evidence linking them to an impact on the XRP price. At the time of these transactions, the token was already gaining momentum and trading at $0.62. The correlation between Ripple’s sizable movements and the cryptocurrency’s market dynamics remains speculative. Investors and analysts are closely monitoring any potential effects on XRP’s price as the situation develops.