Ripple Partner SBI Moves $703 Million in XRP: Unpacking the Large Transfer

A substantial movement of 320 million XRP tokens, valued at over $703 million, was executed by SBI VC Trade, a long-standing partner of Ripple, on Monday. This significant transfer has generated considerable discussion within the cryptocurrency community, particularly as it occurred just prior to Ripple’s anticipated $1 billion escrow release.

On June 30, a post by Whale Alert flagged a massive 320 million XRP transfer from one unidentified wallet to another. Further investigation revealed two separate transactions, each involving 160 million XRP, sent to distinct wallet addresses.

Upon closer examination, the originating wallet, identified as rNR…6jS, which dispatched the 320 million XRP to the r9z…RCZ wallet, was found to be linked to SBI Holdings’ subsidiary, SBI VC Trade. The XRP tokens were subsequently forwarded to two additional wallets, each of which currently holds 160 million XRP.

Given that this transfer took place independently of Ripple’s publicly scheduled escrow releases, members of the XRP community are speculating that this could signal an upcoming significant initiative from SBI VC Trade.

In a related development last week, Japan’s Financial Services Agency put forward a proposal advocating for the reclassification of cryptocurrencies as legitimate financial products. This proposed change is seen as a foundational step towards the potential launch of crypto Exchange-Traded Funds (ETFs) in Japan. The proposal also included a provision to significantly reduce Japan’s current crypto tax rate from a high of 55% to a flat 20%.

Following these events, XRP’s price adjusted, paring earlier gains and dipping below $2.20. The token’s 24-hour price range saw a low of $2.18 and a high of $2.22. Concurrently, trading volume increased by 15% over the past 24 hours, suggesting a heightened level of interest among market participants.

From a daily technical perspective, XRP’s price currently remains below its 50-Simple Moving Average (SMA), 100-SMA, and 200-SMA. The Relative Strength Index (RSI) also registered a slight decline, moving to 50.68.