The Whale Alert cryptocurrency bot was able to detect a 50 million XRP transaction from the Funding Wallet 1 that belongs to Ripple to an unknown wallet. Of course, when such a large transaction is triggered, the entire crypto community gets involved trying to understand why these kinds of movements take place.
It is very common for Ripple to move large amounts of XRP in order to receive funds to continue with their normal operations. During the last months, the number of XRP sold to the market have been reduced. The community has been pressing Ripple not to sell XRP to reduce the selling pressure on the market. Indeed, Ripple has reduced the sales of XRP in the last few quarters.
It is also worth taking into account that Ripple continues to send XRP to the co-founder of the company Jed McCaleb. However, Mr. McCaleb cannot sell all the funds at once in the open market. He needs to follow strict rules related to the volume registered by the XRP digital asset in the cryptocurrency space.
The aforementioned transaction could also be related to XRP moving $9.79 million in USD to support local companies that are working below the Xpring initiative or that are promoting the expansion of the XRP digital asset. Nonetheless, this is just a mere supposition considering that there is no further information about this.