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Ripple Participates in Moving 204.7 Million XRP, While Coin Drops to $1.09

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Fri, 09/10/2021 - 08:42
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Yuri Molchan
Over 204 million XRP tokens have been transferred by Ripple and several large crypto exchanges in big lumps as XRP lost almost 12%
Ripple Participates in Moving 204.7 Million XRP, While Coin Drops to $1.09
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It has been shared that, in the past 22 hours, six large XRP stashes have been moved by Ripple, Binance, Huobi and other big crypto exchanges. The tweets were posted by the popular DLT service that tracks large crypto transfers, Whale Alert, with details from the Bithomp site that provides analytics on XRP transactions and wallets.

In the meantime, the seventh-largest crypto continues to decline, dropping to the $1.09 level.

204.7 million XRP on the move

According to Whale Alert, the fiat equivalent of $225,171,272 has been transferred in XRP by Ripple, Binance, Bitstamp, Huobi, Bitfinex, Upbit, Bittrex and Bybit. The first transaction was made more than 20 hours ago, and the most recent one was conducted two hours ago.

Ripple transferred 40 million XRP to its RL18-VN address, which is often used to move crypto outside the company—to its partners, crypto exchanges and financial institutions. This wallet is also used for selling XRP to obtain fiat for covering Ripple's operational expenses.

The largest single lump was moved by the Bybit exchange internally. The platform shoveled a massive 83,220,460 XRP, equaling $94,226,820.

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XRP dips further after starting to recover

Earlier today, it was reported that XRP demonstrated a 12% drop after the Coinbase exchange rejected rumors about the resumption of XRP trading. Prior to that, on-chain analytics vendor Santiment tweeted that a rise in XRP address activity started pushing the coin up 10%.

However, the coin still went down from $1.24 to $1.09, losing almost 12% on that drop. After that, the coin was trading sideways and was making attempts to recover.

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Image via TradingView

At the moment, XRP holds seventh place on the CoinMarketCap scale of top coins by market capitalization after it was recently surpassed by Solana, which was reaching one all-time high after another and is trading at $182 at press time.

Coinbase suspended trading of XRP pairs in January this year after the U.S. Securities and Exchange Commission brought up a legal suit against Ripple Labs and two of its highest-ranking executives, Chris Larsen (co-founder and former CEO) and Brad Garlinghouse (present CEO), accusing them of selling XRP to investors as an unregistered security.

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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.