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Ripple Moves Over 178 Mln XRP to Bitstamp with 6 Mln Transferred Later

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Fri, 01/24/2020 - 13:48
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Yuri Molchan
XRPL Monitor spots a large XRP transaction from Ripple to the Bitstamp exchange, even though the recent Ripple report says it has reduced XRP sales
Ripple Moves Over 178 Mln XRP to Bitstamp with 6 Mln Transferred Later
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XRP is the third largest currency and investors often move large stashes of it between their wallets or move them to/from their accounts on crypto exchanges.

XRPL Monitor, a Twitter account that tracks big XRP transactions, has spotted that slightly more than 178 million XRP has been moved to the Bitstamp crypto exchange.

The key point here is that the money was sent by Ripple.

Later on, somebody else transferred 6 mln XRP to Bitstamp as well.

XRP - Ripple to Bitstamp
Image via Twitter

Ripple parts with more than 178 mln XRP

The community usually takes large XRP transfers from Ripple or releases from their escrow negatively since, when this is done, the amount of coin in the market grows. This makes XRP less valuable and, as many believe, prevents the price from surging.

This time, nearly 180 million XRP left Ripple to hit a wallet set up by Bitstamp, as per the Bithomp website which shows data on crypto wallets and their balances.

Bitstamp wallet
Image via Bithomp

In the comment thread, some are making regular assumptions about a coming dump. One user has assumed that Bitstamp could become an exchange that Ripple may want to use for its European On-Demand Liquidity corridor.

However, the opening of this corridor has not been announced yet.

Another 6 mln XRP hits Bitstamp

Later on, reports XRPL Monitor, an anonymous user also sent 6 million XRP to the Bitstamp exchange. It looks like a regular transaction, albeit a large one.

XRP 2
Image via Twitter
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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.