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Dozens of Millions of XRP Moved by Ripple – Is Crypto Giant Dumping?

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Tue, 20/12/2022 - 15:29
Dozens of Millions of XRP Moved by Ripple – Is Crypto Giant Dumping?
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As reported by leading crypto tracking service Whale Alert, 15 hours ago, Ripple fintech company made a transfer of $16,789,197 worth of XRP.

This happened as the coin's price lost nearly 13% percent in the past seven days and began to show weak signs of going green.

Ripple shifts millions of XRP, here's destination

The San Francisco-based crypto behemoth Ripple Labs made a single transfer of 50,000,000 XRP worth nearly $17 million in fiat.

The transaction went to a wallet that the crypto tracker marked as "unknown." However, details revealed by the Bithomp XRP explorer show that Ripple moved the funds to one of its reserve wallets, called RL18-VN.

From this address, 27.682 million XRP was later sent to the Bittrex exchange with a likely goal of selling it. Fifteen million XRP were moved to an anonymous wallet.

At the time of this writing, the seventh largest crypto, XRP, is changing hands at $0.3459. Over the past week, it has dumped nearly 13%, but in the past 24 hours, it has made a slight move into the green zone, per CoinMarketCap.

Related
Ripple CTO Reacts to Ethereum's Vitalik Buterin's Misrepresentation of XRP

Whales and Ripple partner shovel 128 million XRP

Whale Alert also reported that three other massive lumps of Ripple-affiliated token XRP were transacted shortly after Ripple made its transfer.

A total of 55,300,000 XRP was moved by key Ripple ODL partner Bitso among its own addresses. Then, anonymous wallets sent 40,000,000 XRP and 32,500,000 to the Bitstamp exchange. This amount of XRP was evaluated at approximately $48 million USD.

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