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BlackRock Sets XRP ETF Aside, Here’s What’s Happening
Recent reports have suggested that the world’s largest asset manager, BlackRock, has paused its XRP ETF (exchange-traded fund). The decision comes as a shock to many in the crypto community, who had been eagerly anticipating the launch of this ETF.
As it turns out, Ripple, the blockchain company behind the XRP token, is secretly transferring massive amounts of XRP to an unknown wallet. In a stunning move, Ripple transferred 99 million XRP worth $234.48 billion to an unknown wallet affiliated with Bitgo, a U.S.-based crypto exchange and custodial platform.
This significant transaction has raised eyebrows among investors and analysts alike. It is unclear why Ripple would be moving such enormous amounts of XRP without any transparency. Some have speculated that this could be part of a larger strategy to increase liquidity or stabilize the market.
The recent price surge in XRP, which has gained around 22.8% over the past week, might also play a role in these transactions. The current trading price stands at $2.36.
Notably, data provided by Bithomp revealed that the source of this massive transfer is affiliated with Ripple. This information raises more questions than it answers about the purpose and potential implications of this transaction.
While no concrete explanation has been given for this enormous transfer, we will continue to monitor the situation closely to provide any updates as they arise.
The author is Yuri Molchan
Source: u.today
