Recent Developments in Blockchain and Cryptocurrency Markets: Transactions and Market Reactions
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BlackRock Sets XRP ETF Aside, Here’s What’s Happening
Ripple, a major player in the blockchain and cryptocurrency space, has been making significant moves in recent times. One such development is the large transfer of XRP tokens from an unknown wallet to Bitgo crypto exchange and custodial platform for financial institutions.
According to Whale Alert, this massive transaction valued at $234 million was recorded on December 12th. However, Bithomp data revealed that the source of these 99 million XRP tokens was a wallet affiliated with Ripple, the same entity behind XRP.
This is not the only significant development involving Ripple and its native cryptocurrency in recent times. The company has been pushing for mainstream adoption by working closely with major financial institutions and partnering with key players in the industry.
One such instance is the large transfer of 380 million and 200 million XRP tokens, worth roughly $1.5 billion, that took place a day before this massive transaction. Both transactions were carried out through Bithomp, indicating a high level of activity around Ripple and its cryptocurrency.
The price action of XRP reflects these developments as well. Over the past week, the token has seen an impressive 22.8% gain, with its current trading price hovering at $2.36.
It is essential to note that BlackRock, the global investment management company, is not directly involved in this transaction or any other recent Ripple-related activities. The company’s focus remains on its XRP ETF (Exchange-Traded Fund), which aims to track the performance of XRP tokens.
While there have been no official updates from BlackRock regarding their XRP ETF, it appears that they are currently setting aside plans for further development and possibly re-evaluating their strategy in light of the recent market trends.
As more information becomes available about Ripple’s activities, cryptocurrency investors and enthusiasts will be keeping a close eye on this situation.
Source: u.today
