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100 Million XRP Kicked Over by Ripple, Here's What's Happening

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Wed, 18/01/2023 - 10:00
100 Million XRP Kicked Over by Ripple, Here's What's Happening
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Popular crypto tracking service Whale Alert, which reports the details of large crypto transactions, has spotted a massive transfer of XRP made by Ripple Labs behemoth. The funds were sent to a wallet marked by Whale Alert as "unknown."

This is not the only large XRP transfer made this week on the market. Two days ago, U.Today reported that Binance and whales transferred nearly half a billion of this Ripple-affiliated token.

In the meantime, despite the recent Bitcoin growth, XRP remains in the $0.38 range, still impacted by the SEC-Ripple lawsuit that is expected to be over later this year.

Ripple shifts 100 million XRP, here's where

Ripple fintech giant moved a total of 100,000,000 XRP worth $38,926,418 in fiat, sending it to what the aforementioned tracker believes to be an anonymous wallet.

Details revealed by XRP-centered platform Bithomp shows that the money was shifted to one of Ripple's additional wallets to be moved further. From that 100 million, according to it, one million XRP have already been transferred to an address with an unregistered owner.

Overall, Ripple often uses the XRP held by it to support the token's liquidity on exchanges, send some to its customers and ODL corridors, and also to sell some of it to cover its own operational expenses.

Large amounts of XRP continue to be moved on the market as Binance giant recently moved slightly over 300 million XRP coins, transferring this amount between its internal addresses.

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XRP stuck in $0.38 range

Over the past few days, XRP price has been showing big drops and rises — 9% and 6% rises, followed by 7% drops. Over the past week, the XRP price has risen by nearly 7% overall.

Unlike XRP, the two leading cryptocurrencies, Bitcoin and Ethereum, have demonstrated growth of 21.73% and 18.24% over the past week, moving the majority of other cryptocurrencies along.

Bitcoin has managed to rise above the $21,000 level, while Ethereum is now trading close to the $1,600 level. XRP, however, remains range-bound, trading at $0.3873.

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