900 Million XRP in Single Hour – What's Happening?
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Prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transfers initiated by retail and institutional whales, has spotted two massive crypto transfers that carried almost a billion XRP coins.
Both were conducted by blockchain juggernaut Ripple. In the meantime, the XRP price has shown a significant price increase over the past 24 hours.
Yuri MolchanRipple shovels 900 million XRP
According to the above-mentioned blockchain data source, lumps of 500,000,000 XRP and 400,000,000 XRP were released from escrow by Ripple and transferred to anonymous cryptocurrency wallets. These amounts of crypto were worth $254,704,531 and $203,763,625 at the time that the transactions were initiated.
Traditionally, Ripple has been releasing one billion XRP each month on the first day of the month over the past six years. Around 80% of these XRP coins are then transferred back to escrow addresses until the next month. Initially, the blockchain company began to do it in order to support liquidity for XRP, and also to send XRP to their customers, which are mainly financial institutions operating in the U.S., Asia and the Middle East.
Separately, Whale Alert detected one more large XRP transaction but not as big as those mentioned earlier in this article. This time, it was 31,100,000 XRP sent from a mysterious blockchain wallet to Bitso – the largest crypto exchange in the Latin American region, crypto unicorn and Ripple’s partner.
Data shared by the Bithomp explorer that is focused on XRP transactions shows that the platform received 31.1 million XRP worth $15,795,363 from a wallet affiliated with Ripple. The most likely explanation here is that Ripple sent liquidity to Bitso as part of its collaboration on the Ripple Payments project (previously known throughout the community as ODL).
XRP price strives to break out
Over the last day, the seventh largest cryptocurrency, XRP, with a market capitalization of $29,749,690,403 and daily trading volume of $978,718,564, has managed to rise by 3%. In the course of this time, it printed two large green candles on an hourly chart, each taking it up 1.5% after a new decline.
By now, XRP has demonstrated a slight pullback and is changing hands at $0.51833 per coin at writing time.
Since Saturday, it has added a marginal 3.5% overall.
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