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Ripple shifts 204 Million XRP Along with Rippleworks and Binance

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Fri, 05/28/2021 - 09:36
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Yuri Molchan
Ripple crypto behemoth has wired a massive lump of XRP, following several smaller transactions from major crypto exchanges
Ripple shifts 204 Million XRP Along with Rippleworks and Binance
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Over the past 18 hours, Ripple and several major crypto trading venues have transferred an astounding 204 million XRP, as per data from Whale Alert.

The total equivalent of this sum in fiat is $181,873,547.

Ripple has moved over 3/4 of this amount. RippleWorks, a non-profit, also got involved.

Ripple moves over $145 million in XRP

Whale Alert, a service that tracks large amounts of crypto moved between wallets, has spotted several large XRP transfers made over the past 18 hours.

The Ripple DLT decacorn moved a whopping 150 million XRP in a single transaction about eight hours ago. The funds ($145,410,744) were moved to its RL18-VN wallet, from which XRP is usually distributed in lumps to other entities for sale or to cover operational expenses.

Since late December 2020, the company has been facing extra expenditures due to the lawsuit initiated by the SEC against it and its two highest-profile executives—Garlinghouse (CEO) and Larsen (co-founder)—over allegedly illegal sales of XRP as unregistered securities.

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Image via Twitter

Ripple's partner Rippleworks shifts a large XRP lump

A total of 24 million XRP were moved by non-profit organization RippleWorks Foundation, co-founded by one of Ripple's creators: Chris Larsen.

Officially, Ripple and RippleWorks began collaborating in March 2020. The media has called this company one of the fastest-growing and most innovative non-profits.

The goal of the partnership is to support "powerful initiatives" around the world.

Chris Larsen made a large donation in XRP when co-founding the non-profit with Doug Galen. As of 2019, its XRP stash was worth more than $370 million.

As for the 24 million XRP, it was moved to Binance.

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Image via Bithomp

Related
SEC Attorney Moves to Withdraw from Ripple Case

Leading crypto exchanges move big XRP stashes

Whale Alert also tweeted that four major crypto exchanges have moved 30 million XRP between their wallets.

Those platforms are Binance, Bittrex, Upbit and Bitstamp. As a reminder, Bittrex and Bitstamp suspended XRP trading back in January this year due to the lawsuit against Ripple and have not yet resumed trading.

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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.