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Record 512 Million XRP Shifted by Ripple and Unknown Wallets: Report

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Sat, 04/23/2022 - 11:46
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Yuri Molchan
Ripple and anonymous whales transfer half a billion XRP
 Record 512 Million XRP Shifted by Ripple and Unknown Wallets: Report
Cover image via stock.adobe.com

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Whale Alert crypto tracking bot has detected three XRP transactions, carrying a total of 512.1 million XRP. They were conducted by Ripple fintech behemoth and wallets which Whale Alert tagged as “unknown”.

Record amounts of XRP on the move

In the last twenty hours, three staggering chunks of XRP have been transferred, according to the tweets posted by the crypto tracker mentioned above.

Ripple giant moved 50 million XRP – the smallest lump of these three – to its reserve wallet RL18-VN often used for transferring crypto beyond the company – to charities, exchanges and financial institutions.

The other two chunks of Ripple-affiliated tokens contained 226,439,980 and 235,725,280 XRP worth $163,244,540 and $170,121,600. The total equivalent of the shifted XRP amount comprises roughly $370 million.

Whale Alert has tagged the senders and receivers of these two XRP amounts as “unknown” addresses but XRP-focused data platform Bithomp shows that in both cases the sender and the receiver was the Uphold crypto exchange that moved the funds internally.

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Image via Twitter

Related
Ripple vs SEC: Resolution Likely to Come in 2023 – Ripple’s Stuart Alderoty

Ripple CEO criticizes crypto tribalism

In a recent interview to CNBC, head of Ripple Labs Brad Garlinghouse bashed tribalism in the crypto industry, stating that this a major issue of the space that slows down its improvement on a big scale.

Garlinghouse himself holds Bitcoin and Ethereum, apart from XRP, and as a former executive at Yahoo, he saw a lot of companies that managed to co-exist well enough during the dot-com boom in the 1990s.

Now, Garlinghouse is shocked at the lack of coordination between the leaders of crypto companies and communities and absence of adequate regulation from the US authorities, as he admitted in the interview.

Since December 2020, Ripple Labs has been struggling to win against the SEC in the lawsuit filed by the regulatory agency, and Garlinghouse has many times stated that the SEC’s goal is to impose a strict control on the whole crypto space, and they have basically picked Ripple as a scapegoat.

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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.