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Nearly 93.5 Mln XRP Sent Between Crypto Exchanges – Is Ripple IPO News Causing This?

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Tue, 01/28/2020 - 13:15
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Yuri Molchan
Gargantuan amounts of XRP start circulating between exchanges and anonymous wallets after Brad Garlinhouse’s announcement about the IPO – has interest in XRP increased?
 Nearly 93.5 Mln XRP Sent Between Crypto Exchanges – Is Ripple IPO News Causing This?
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Over the past few hours, an astonishing amount of Ripple’s XRP has been moved between three major exchanges and one crypto wallet with an anonymous owner. Four transactions – 10 mln, 11.5 mln, 50 mln and 22 mln XRP.

Exchanges involved: Coincheck, Bitstamp and Bithumb, as well as one anonymous crypto wallet.

Almost 93.5 mln XRP on the move

As reported by the XRPL Monitor account on Twitter, over the past few hours, four transactions totalling almost 93,5 mln XRP have been performed on the XRP ledger. The largest one of them (49,999,994.9999 XPR) was confirmed by Whale Alert, which tracks only large crypto fund movements.

The Bithomp analytical website shows that the following crypto exchanges and XRP amounts were involved.

  1. Bitstamp – Bitstamp 21,990,778.442161 XRP;
  2. Anonymous wallet – Bitstamp 49,999,994.9999 XRP;
  3. Coincheck – Coincheck 10,000,000 XRP;
  4. Bithumb – Bithumb 11,500,000 XRP.
XRP 1
Image via Twitter
XRP 2
Image via Twitter

Is it due to the Ripple IPO announcement?

Since Ripple CEO Brad Garlinghouse announced that this year the San-Francisco-based blockchain giant intends to conduct an IPO (among many other IPOs that the community is going to see, as per Garlinghouse), investors and crypto exchanges seem to have become more active with their XRP stashes.

This is not the first time such large amounts of XRP have been sent – as earlier reported by U.Today, 23 mln XRP was moved between four major exchanges with Binance getting half of that amount.

Related
XRPL Labs Eyes Launching XUMM Pro, 40% of Users Ready to Buy It

‘XRP price is painful to look at’: crypto trader

Earlier today, prominent crypto trader Jacob Canfield tweeted that the XRP price ‘is getting painful to look at’, while Bitcoin and many other altcoins are breaking out (e.g. ADA).

Canfield reckons that unless the price of the third largest crypto breaks upwards soon, the market should expect another sell-off.

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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.