Ripple Helps Transfer 128 Mln XRP in Lumps as XRP Is Back on Top-3 Spot

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Sat, 05/23/2020 - 08:08
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Yuri Molchan
XRPL Monitor has detected several XRP transactions, bearing 128 mln XRP. About one-fourth of that amount was transferred by the blockchain giant Ripple
Ripple Helps Transfer 128 Mln XRP in Lumps as XRP Is Back on Top-3 Spot
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After losing the top-3 spot on CoinMarketCap on Thursday evening to Tether’s USDT, XRP managed to regain that position on Friday.

As reported by XRPL Monitor, both on Friday and Saturday, May 23, the San-Francisco-based blockchain decacorn Ripple moved large amounts of XRP.

128 mln XRP moved, Ripple’s participation detected

Over the past twenty-four hours, XRPL Monitor has spotted 128 mln XRP transferred by crypto exchanges and other cryptocurrency services. That equals to $25,639,808.

From that sum, Ripple has moved around one-fourth – 30 mln XRP.

RIpple XRP
Image via @XRPL_Monitor, Twitter

The other companies that took part in moving these funds are the South Korean Bithumb exchange (14 mln XRP), the custodial service BitGo (48 mln XRP), Nexo (16 mln XRP), Liquid (45 mln XRP), Bittrex (20 mln XRP).

XRP
Image via @XRPL_Monitor, Twitter

For the second day in a row, the DLT behemoth Ripple has been seen transferring substantial lumps of XRP.

Related 73.6 Mln XRP Transferred, Part of It Moved by Ripple to Its Funding Wallet
Related
73.6 Mln XRP Transferred, Part of It Moved by Ripple to Its Funding Wallet

Ripple and Bitso move 107.3 mln XRP

On Friday, the blockchain heavyweight and its largest ODL platform, the Mexico-based Bitso kicked over 107.3 mln XRP together.

50 mln XRP was sent by Ripple’s Funding Wallet to an address with an unregistered user.

Ripple is known for its strategy of lavishly throwing XRP around to its partners for letting them use those XRP stashes for sending remittances (ODL corridors), as well as investing in other companies or giving away crypto for charity.

XRP price nowhere near its 2018 ATH

Some in the crypto community are unhappy about such use of XRP and the constant injection of new coins into the market. They believe that this prevents the XRP price from skyrocketing.

On January 4, 2018, XRP hit an all-time high of $3.80 and since Feb that year, after the crypto winter started and finished in early 2019, the third largest crypto has been unable to regain even the $1 price level.

XRP CMC
Image via CoinMarketCap

At press-time, XRP is trading at $ $0,200556, according to the data from CoinMarketCap.

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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.