As a seasoned cryptocurrency investor and follower of the blockchain industry, I find the recent large XRP transfers made by Ripple Labs intriguing. According to Whale Alert, approximately 20 hours ago, Ripple transferred an impressive 100 million XRP (equal to $52,815,512 at the time) to an unknown wallet. This transaction was followed by two smaller transfers of 28.3 million and 21.9 million XRP each to major exchanges Bitstamp and Bitso, respectively.
The blockchain monitoring service Whale Alert has identified a significant XRP transaction carried out by the financial tech giant Ripple Labs.
I noticed that two smaller transactions involving XRP, originating from wallets associated with Ripple, appeared in the ledger with a delay of several hours.
Ripple shovels 100 million XRP
I recently came across some intriguing data from Whale Alert. Around 20 hours ago, Ripple’s decacorn entity moved an impressive sum of 100 million XRP into a wallet identified as unknown by their system. At the moment of transfer, this equated to approximately $52,815,512 in value.
It appeared that some crypto users in the comment section believed that Ripple had been selling large quantities of XRP, approximately tens of millions. However, upon further investigation using the Bithomp XRP explorer, it was revealed that this massive transaction ended up in a wallet owned by Ripple itself.
I’ve observed that if this is indeed a sale of XRP coins, those massive quantities will subsequently be transferred until they reach cryptocurrency exchanges for selling. Ripple, holding a substantial portion of the circulating XRP supply, which amounts to billions of coins, occasionally disposes of some coins to meet their operational costs.
50 million XRP land in major exchanges
Previously mentioned XRP supplier disclosed that additional substantial amounts of XRP were subsequently moved to prominent crypto exchanges, namely Bitstamp and Bitso.
I observed two transactions taking place, each involving large amounts of XRP. The first transaction saw an anonymous wallet transferring 28,270,000 XRP, equivalent to around $15,139,951, to a wallet identified as -Hh4Rzn on Bithomp. Notably, this wallet is linked to Ripple. In the second transaction, an unknown address sent 21,920,000 XRP to the same -Hh4Rzn wallet. Both transactions originated from the same sender. Consequently, approximately 50.1 million XRP moved from this significant player in the blockchain world to the exchanges.
Bitstamp and Bitso aren’t just prominent cryptocurrency exchanges; they also team up with Ripple for its global payments solution, RippleNet. This service is powered by RippleNet and employs XRP for swift and inexpensive transactions.
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2024-04-25 17:40