Ripple Transfers 100 Million XRP with Whales Shuffles Over 85 Million Tokens
Yesterday in the late evening, Whale Alert revealed an extensive XRP transaction by Ripple. The cryptocurrency tracking service reported that Ripple Labs had moved 100 million XRP with a value of $39.2 million to an unidentified wallet.
An examination showed that Ripple was the owner of the wallet where the funds were sent. The transferred XRP is expected to be sent to exchanges for increasing XRP liquidity on cryptocurrency trading sites.
Additionally, Ripple could distribute the money to its On-Demand Liquidity (ODL) customers. It should be pointed out that ODL works by using XRP as a medium of exchange for international payments.
Recently, Ripple has been quite busy transferring significant amounts of XRP. Whale Alert’s data reveals that the well-known blockchain firm moved a total of 510 million XRP in multiple transactions two days ago.
According to Whale Alert, the source of the transactions is unidentified whales, though Bithomp’s XRP-focused analytics platform reveals that Ripple was responsible for sending both amounts.
Three weeks ago, Ripple released 1 billion XRP from its escrow. Afterward, the company re-secured 600 million XRP in escrow and allocated the remaining 400 million XRP for daily operations.
Whales Shuffle 85 Million XRP
In addition to Ripple’s movement of XRP, Whale Alert also noted other sizable XRP transfers over the past day. As per Whale Alert, an anonymous whale pulled out 50,304,136 (50.3M) XRP from the top crypto exchange Binance approximately 23 hours ago. This operation was worth $19.76 million.
A wealthy investor transferred 35 million XRP (valued at $13.68M) to the European crypto-trading platform Bitstamp.
Simultaneously, the price of XRP has dropped along with other digital currencies in the market. According to Coingecko’s records, XRP is currently trading at $0.391, dropping by 2% over the last 24 hours.