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Ripple Helps Move 31 Million XRP, While Number of XRP Whales Soars in Q1

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Fri, 05/07/2021 - 11:01
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Yuri Molchan
Fintech monster Ripple has shared that in Q1 this year, the number of XRP whales has seen a major increase
Ripple Helps Move 31 Million XRP, While Number of XRP Whales Soars in Q1
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Ripple blockchain decacorn has helped major exchanges to shift close to $50 million XRP tokens. Meanwhile, from the company's recent markets report, it is clear that, in the first quarter of 2021, whales have been actively purchasing XRP.

Ripple moves XRP to Bitso and Huobi

Data shared by crypto tracker Whale Alert shows that, in the past 12 hours, the Ripple decacorn shifted 10 million XRP to its Mexico-based ODL partner Bitso and moved seven million XRP to the biggest Chinese exchange, Huobi.

In total, 31 million XRP have been moved, equaling $49,361,254. The rest of these funds were transferred by the Kraken exchange and a major Turkish crypto trading platform, BtcTurk.

Bitso turns into crypto unicorn

As reported by U.Today earlier this week, the Bitso exchange has turned into the first crypto unicorn in the Latin America region. After a $250 million investment raised recently, its market capitalization surged to the $2.2 billion level.

This Series C investment round was driven by such major companies as Coatue and Tiger Global.

In October 2019, Ripple also made an undisclosed investment into the Bitso exchange and compelled Bitso to start using its ODL product.

Related
Ripple's XRP Sales Grew 97 Percent in Q1

Number of XRP whales spikes in Q1

In the new markets report for Q1, Ripple has covered several important aspects, including the spike of XRP sales by 97 percent this year.

This sharp increase was attributed to a higher engagement of Ripple customers with its ODL service for transnational transfers of funds.

Data from the report has also shown that, in the first quarter of the year, a heavy accumulation of XRP tokens took place in the market.

The number of wallets with an extremely large amount of coins (also known as "whale" wallets), has risen high.

Addresses that hold a minimum of 10 million XRP rose in number from 308 to 319. The number of wallets holding between one million and 10 million XRP has surged from 1,125 to 1,196, according to the Ripple report.

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Image via Ripple

Also, in Q1, Ripple released three billion XRP from escrow. A total of 2.7 billion coins were returned and put into new escrow contracts.

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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.