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Prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transfers, has spotted a massive XRP shift that took place on Friday evening.
The community reacted with a hot discussion, making guesses about the goal of that transfer and attempting to identify the participating wallets. However, data provided by an additional source revealed the crypto giant that stands behind this large XRP transaction.
35,000,000 XRP on move by Ripple
According to the above-mentioned data source, 35,000,000 XRP valued at an impressive $107,775,259 were transferred between two anonymous blockchain addresses roughly 13 hours ago.
Commentators began talking about whales dumping XRP, about the bearish altcoin market coming closer, and expressing similar opinions.
However, data published by XRPscan revealed that this transfer was made by the Ripple blockchain giant internally, between wallets both called Ripple 50. The likely goal of this is to move funds to a crypto exchange to sell, to XRP-based ETPs, to make other investments, or to cover Ripple’s current operational expenses.
Ripple completes August escrow withdrawal later than usual
Over the past two weeks, the XRP community has been speculating as to whether Ripple has stopped its regular escrow withdrawals. Since 2018, the company has been releasing 1 billion coins every first day of a new month.
Over the past few months, this schedule has shifted a little, but when August came, the release was delayed again and again, which made some in the community believe that escrow withdrawals had stopped.
However, last weekend, the blockchain giant finally moved 1 billion XRP tokens out of escrow, thus ending all the speculations on this subject.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team