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100 Million XRP Leave Ripple Address, Going to Mysterious Wallet: Details

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Thu, 25/04/2024 - 14:19
100 Million XRP Leave Ripple Address, Going to Mysterious Wallet: Details
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Blockchain tracker Whale Alert, which tracks down large cryptocurrency transactions, has detected a tremendous XRP transfer made by fintech behemoth Ripple Labs.

Two smaller XRP transfers from wallets related to Ripple were registered several hours later as well.

Ripple shovels 100 million XRP

According to the data shared by Whale Alert, approximately 20 hours ago, Ripple crypto decacorn transferred a whopping 100,000,000 XRP to a wallet tagged by Whale Alert as unknown. This amount of XRP was equal to $52,815,512 at the time of the transfer.

Crypto users in the comments assumed that Ripple continues selling these tens of millions of XRP. Still the destination of the transaction was clarified by the Bithomp XRP explorer – the hundred million XRP went to a wallet that also belongs to Ripple.

If this is a sale then afterwards, these millions of XRP coins will be moved on until they end up at a cryptocurrency exchange to be sold. Ripple keeps a large share of the circulating XRP supply, billions of these coins, and sells some of them from time to time to cover their operational expenses.

Related

50 million XRP land in major exchanges

The aforementioned data source also shared that two more large XRP chunks were later transferred to major centralized crypto exchanges – Bitstamp and crypto unicorn Bitso.

The former received 28,270,000 XRP worth $15,139,951 from an anonymous wallet. The latter got 21,920,000 XRP from an unknown address. Both transactions were made by the same sender – the -Hh4Rzn wallet, according to Bithomp, is related to Ripple too. Therefore, these 50.1 million XRP went to the exchanges from the above-mentioned blockchain heavyweight.

Bitstamp and Bitso are not only major exchanges, they also collaborate with Ripple on its payments service, which operates worldwide, running on RippleNet, and utilizes XRP for fast and low-cost transactions.

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