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347.2 Million XRP Shifted by Ripple, FTX and Other Top-Tier Exchanges

Fri, 03/11/2022 - 15:07
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Yuri Molchan
Ripple has joined several big digital platforms in transferring over 347 million XRP, while the coin is up almost 2%
347.2 Million XRP Shifted by Ripple, FTX and Other Top-Tier Exchanges
Cover image via stock.adobe.com

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Ripple fintech behemoth and several large crypto trading venues have been spotted transferring close to 350 million XRP, according to data provided by Whale Alert.

This amounts to $258,188,436 in fiat after the recent small price increase. At the time of writing, the seventh biggest cryptocurrency, XRP, is changing hands at $0.7437.

347.2 million XRP on the move

Whale Alert has shown that over the past 20 hours, seven massive XRP transactions have been made between some of the biggest global crypto exchanges, with Ripple taking part in this movement of a large amounts of funds.

The biggest transactions were made by the Bithumb exchange located in South Korea (90,000,000 XRP worth $67,773,080 USD) and by Ripple. The San Francisco-based DLT service provider has shifted 70,000,000 XRP, which is the equivalent of $50,874,950.

Among the participants in these transfers was Binance, FTX, Bitso and Bittrex. Binance and Bitso transferred XRP internally (a total of 59.2 million XRP). FTX has shifted 63 million XRP to Bittrex, a major exchange located in the USA.

Bittrex itself has sent a cumulative 65 million XRP to Bitstamp and Bitso. These two crypto exchanges provide platforms for Ripple's On-Demand Liquidity service (ODL) that ensures seamless transfers of funds around the world.

Ripple has shifted 70 million XRP to its alternative wallet, RL18-VN. This address is frequently used for sending crypto outside the company. Among the recipients are crypto exchange and institutions—Ripple's customers around the world.

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Image via Twitter

Related
$1.175 Billion in Bitcoin Withdrawn from Coinbase by Anon Whales: Whale Alert

Decision on Ripple case may come by end of this month

As reported by U.Today earlier, the founder of Cryptolaw, John Deaton, shared that the ruling regarding the Ripple v. SEC case may well be issued by the end of March.

The reason here is that this case may be included in the list of cases pending for half a year or longer. Unless Judge Torres, who is leading the case of the SEC against Ripple;s Brad Garlinghouse and Chris Larsen, issues a ruling on it, she will have to include this case on the aforementioned list. It will be then submitted to the U.S. Congress.

Recent XRP price action

Ripple-affiliated XRP, the sixth-ranked digital currency by market capitalization, managed to reach a local high at $0.77915 and then demonstrated a drop to the $0.74024 level by now, losing roughly 5%. At the moment, it is up roughly 2%.

At press time, XRP is down 80.56% from its all-time high of $3.84, reached by the coin on January 4, 2018.

On April 14, 2021, the coin managed to soar to a high of $1.8392, which has not been regained since then.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.