Main navigation

Ripple Helps Move Almost Billion XRP As Price Begins to Recover

Sat, 11/12/2022 - 12:38
article image
Yuri Molchan
A close to billion XRP has been moved by Ripple and anonymous whales to exchanges
Ripple Helps Move Almost Billion XRP As Price Begins to Recover
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Whale Alert crypto tracker has tweeted that over the past 24 hours, massive amounts of XRP have been transferred. One of the largest lumps of this token was moved by Ripple Labs – the company XRP is affiliated with.

810 million XRP on the move, Ripple takes active part

Whale Alert published around a dozen tweets showing that Ripple and whales have been moving astounding chunks of XRP – starting at 30-40 million XRP and ending at 307 million.

A whale shifted 173,549,000 from Binance wallet to Bittrex. 306,938,016 XRP was transferred from one unknown wallet to another.

Ripple sent 100,000,000 XRP to its reserve wallet RL18-VN in order to send it to an outside wallet belonging to Ripple later on.

Related
Elon Musk Explains Why He Rejected FTX Founder’s $3 Billion Offer to Buy Twitter

This address is usually used for moving XRP beyond the company – to send it to exchanges, crypto custodians, such as BitGo, or to move it to Ripple’s customers, i.e. financial institutions or ODL corridors operating around the world.

The total worth of the transferred XRP tokens is equal to $300,193,759 at the current exchange rate.

XRPWA_00qwertyu345678iokjhgfdafgmhgf
Source: Twitter

Related
Ripple CTO Says FTX Differs from Madoff's Ponzi, But There’s a Catch

XRP begins recovering after series of major falls

The seventh largest digital currency XRP has began to go up after losing first nearly 35 percent and then 6.88 percent earlier this week.

By now, the price has shown a mild increase by around 2 percent, and XRP is changing hands at $0.37 on the Bitstamp exchange.

The recent price falls were caused by overall setback of the crypto market as FTX exchange and its Alameda Research trading firm started having huge liquidity problems.

On Friday, FTX founder Sam Bankman-Fried announced that he had filed for FTX and Alameda bankruptcy and today the exchange was hacks with mind-blowing amounts of crypto withdrawn from it, including XRP.

article image
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.