63 Mln XRP Moved Involving Jed McCaleb as XRP Whales Start Accumulating

News
Fri, 03/06/2020 - 10:33
Yuri Molchan

Whale Alert detected a transfer of a gargantuan amount of the third largest cryptocurrency as some believe that institutional investors are starting to accumulate XRP

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Contents

Digital asset investors holding mammoth-sized amounts of crypto are known as crypto whales and are believed to be able to impact prices on the crypto market by moving them up or down.

Data provided by ‘ledger.exposed’ says that the 0.01 percent of accounts holding 20.1 mln XRP have been accumulating more of this asset.

Meanwhile, Whale Alert detected a gargantuan amount of XRP sent to the former Ripple CTO Jed McCaleb.

Image via Twitter

63 mln XRP moved, Jed McCaleb involved

The Twitter bot Whale Alert has spotted two massive XRP transactions conducted in the past few hours.

22,000,000 XRP was transferred between wallets of the Bithumb crypto exchange – totaling $5,318,957.

The second transfer was made to Jed McCaleb’s wallet. McCaleb is a co-founder of Stellar Lumens and a former CTO of Ripple. The amount sent to his wallet was 41,242,351 XRP, totaling $9,940,773.

When such giant amounts of the third largest coin are sent to McCaleb’s pocket, the community usually expects the price to dump shortly after.

Previously, U.Today reported that a gigantic amount of XRP (200 mln) was sent between accounts of the largest over-the-counter crypto exchange in Asia – OTCBTC.

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Are XRP whales accumulating?

Mark Phillips, a host of the BetterPRNow podcast, has shared data from the XRP transfers tracking website ‘ledger.exposed’. According to the data, the 0.01 percent of XRP accounts (the richest ones, holding over 20 mln XRP) have started accumulating more of this digital banking currency.

Phillips believes that these are institutional investors purchasing large amounts of XRP.

An XRP ledger developer @WietseWind has assumed that these could be just:

“People moving their XRP from their own smaller accounts to the big Exchange accounts."

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About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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