GMO Coin, one of Japan’s most prestigious exchanges, announced an airdrop for a well-established altcoin. But this is not just a simple airdrop announcement. At the same time, a large amount of transfers took place, which is an indication of great confidence among investors. The fact that whales took action during such a period aroused great interest and curiosity in the market. Details are as follows…
The famous Japanese exchange GMO Coin heralded an airdrop for this altcoin
GMO Coin, one of Japan’s largest exchanges, heralded a new XRP airdrop event today. The stock exchange announced its first XRP airdrop in 2020. The aim was to distribute Songbird (SGB) tokens to users who held XRP on December 12, 2020. However, this airdrop plan has changed, the exchange now informed users that payments will be made in Japanese Yen. The whales who received the news come to the fore with large altcoin transfers.
ソングバード（SGB）相当額の日本円交付について
リップル（XRP）の保有者に対するソングバード（SGB）のエアドロップについて、日本円での交付を行うことを決定いたしましたので、お知らせいたします。https://t.co/WHIbq3OPZb
— GMOコイン【公式】 (@gmo_coin) September 19, 2023
Whales are taking action
Meanwhile, Whale Alert reported that 120 million XRP was transferred from Bithumb exchange to an unknown wallet on September 22. The value of this transfer was approximately $61.15 million. Following this massive transfer, an anonymous wallet sent 29.9 million XRP to the Bitstamp exchange.
Such large transfers brought Ripple’s strategic moves on XRP to the agenda. Ripple has a history of using XRP for different operational purposes. In particular, Ripple’s acquisition of a share in Bitstamp earlier this year brings with it speculation that the company can use its XRP reserves for strategic investments.
https://twitter.com/whale_alert/status/1705102626549813510
However, the altcoin price managed to stay above $0.50 despite these large transfers. In the last 24 hours, XRP’s trading volume decreased by 18.24%. The market value increased by 0.37% and reached 27.20 billion dollars.
By the way, a point of particular interest in these transactions is their destination. A significant portion of the transferred XRP tokens were directed to Bitstamp. Notably, Ripple purchased shares from Bitstamp earlier in the year. This strategic move by Ripple has fueled discussions about whether the company will use its significant XRP assets to finance strategic acquisitions and investments.
What’s next?
This airdrop announcement of GMO Coin and the major transfers that followed fuel positive thoughts about the future of XRP. Bithumb’s emphasis on the young generation’s interest in XRP also supports these positive thoughts. As a result, interesting developments emerge in the XRP market. Airdrop announcement, major transfers and Ripple’s strategic moves continue to attract the attention of investors and the crypto community. This activity causes positive expectations about the future of the altcoin project.
What is the price of XRP? What levels are altcoin bulls targeting?
In a recent report, Kaiko noted that another $4 million has been added to Ripple market depth. By early September, volume had increased from $8 million to $12 million. This was good news for altcoin investors. Because it shows that large volume orders will not cause unnecessary fluctuations.
While this is a positive development, it is unlikely to impact market sentiment in the short term, according to analysts. The altcoin has been in an upward trend recently. However, it faced a higher time frame resistance zone extending to $0.55. As reported by Kriptokoin.com, XRP recorded a superior rally run with its SEC victory in July.
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