SBI VC Trade, a long-term partner of Ripple, moved 320 million XRP tokens worth more than $703 million on Monday. It sparked speculation in the community as the massive transfer occurred before Ripple’s scheduled $1 billion escrow release.
In an X post on June 30, Whale Alert highlighted a massive 320 million XRP transferred from an unknown wallet to another unknown wallet. It also reported another two transactions of 160 million XRP each to two different wallet addresses.
Upon research, the wallet rNR…6jS that sent 320 million to r9z…RCZ wallet was found to be linked to SBI Holdings’ subsidiary SBI VC Trade. The XRP tokens were sent forward to two wallets, which still hold 160 million XRP each.
As the transfer occurred outside Ripple’s scheduled escrow release, the XRP community associated the transfer with an upcoming big move by SBI VC Trade.
Last week, Japan’s Financial Services Agency submitted a proposal to reclassify crypto as legitimate financial products, which paves the way for ETF launch. Also, the proposal included slashing Japan’s punitive crypto tax rate from as high as 55% to a flat 20%.
The XRP price pared earlier gains and fell below $2.20. The 24-hour low and high were $2.18 and $2.22, respectively. Meanwhile, trading volume has increased by 15% in the last 24 hours, indicating a rise in interest among traders.
In the daily timeframe, the price is still below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) slips slightly to 50.68.
Also Read: Ripple CEO Brad’s ‘1,000%’ XRP Commitment Goes Viral
