Ripple’s XRP surges to $0.74 after mysterious $187 million transfer

abdelaziz Fathi

Ripple’s XRP cryptocurrency jumped more than 20% on Monday, marking its highest price point since a brief spike last November.

This rise positioned XRP as the top performer in the broad-market CoinDesk 20 Index (CD20), which itself was up by 5%. The increase to $0.74 occurred in just over an hour, amid speculations of a potential BlackRock-managed XRP ETF, highlighting a notable rebound against bitcoin (BTC) as the crypto rally widens.

The immediate catalyst for XRP’s price movement remains unclear, though token movements at Binance spurred speculation among the crypto community. Blockchain data tracker Whale Alert reported a transfer of 300 million XRP, worth nearly $187 million at the time, from Binance to an unknown wallet. This was followed by several more transactions moving millions of XRP to different addresses, which could indicate accumulation by large investors or internal wallet maintenance by the exchange.

XRP’s rise also comes at a time when bitcoin has been hitting record highs, and other sectors of the crypto space, like meme coins and AI tokens, have seen strong gains. Prior to this surge, XRP’s performance against bitcoin dipped to a three-year low. Despite today’s gain, XRP’s year-to-date increase stands at 17%, still lagging behind BTC’s 64% rise.

This rally may signal traders’ growing interest in cryptocurrencies that have yet to participate in the broader market’s upturn. Other established cryptocurrencies such as litecoin (LTC) and dash (DASH) have also seen substantial gains in the last 24 hours, with increases of 18% and 9%, respectively. Additionally, Avalanche (AVAX), Polkadot (DOT), and Cardano (ADA) saw their values climb by 8-13% during the same period.

Earlier in January, Ripple co-founder Chris Larsen revealed that there had been “unauthorized access” to some of his personal XRP accounts. The announcement came in response to findings by crypto investigator ZachXBT, who suggested that Ripple might have been hacked, resulting in the potential loss of 213 million XRP, equivalent to $112.5 million.

Larsen clarified that the security breach was confined to his personal XRP accounts and did not affect Ripple itself. Swift action was taken to identify and address the issue promptly. Larsen stated, “We were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.”

Read this next


Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.