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Ripple Shifts Whopping 101 Million XRP, Sending Part to Huobi Platform

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Fri, 10/08/2021 - 08:46
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Yuri Molchan
Ripple DLT company shifts 101 million XRP to its alternative wallets and moves part of it to Huobi in regular daily transactions
Ripple Shifts Whopping 101 Million XRP, Sending Part to Huobi Platform
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Blockchain Twitter bot Whale Alert, which regularly publishes data on recent large crypto transactions, has announced that the San Francisco fintech service provider Ripple has made several transfers to move a whopping 101 million XRP.

One-fifth of this amount has been sent to Huobi trading giant over the past 10 days.

83.5 million XRP transferred by Ripple

The aforementioned blockchain tracker reported that, over the past 14 hours, Ripple distributed ledger tech provider made three transactions, carrying 50,000,000, 20,000,000 and 13,500,000 XRP tokens. The transfers were made to its alternative wallets: RL18-VN and RL43-EE.

The former is often used by the company for pushing XRP beyond Ripple – to crypto exchanges and financial institutions that are on the RippleNet network or have partnered with Ripple.

The total amount of XRP transferred constitutes $90,276,470 in fiat.

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Image via Twitter

A day earlier, as reported by U.Today, crypto whales and major exchanges—Binance, Bittrex—transferred a similar amount of crypto, 98.4 million XRP ($106,517,732).

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Ripple sends 17.5 million to Huobi

XRP analytics website Bithomp shows that, over the past 10 days, Ripple has sent more XRP to the Huobi exchange, which is leaving the Chinese market at the moment, dropping all of its current users in mainland China.

According to the data provided, since Sept. 29, the company has shifted 17.5 million XRP to this popular global crypto exchange. Today, Ripple is expected to move another lump of XRP to it as well.

Since Sept. 29, when Ripple allocated an astounding 100 million XRP to be moved to that platform, it has already made four transactions of 1,542,780 XRP each and sent six lumps of 2,309,580 XRP.

Prior to Sept. 29, the daily amount of XRP sent to Huobi by Ripple was 3,099,200 coins. The goal of these transfers has not been mentioned by Ripple Labs anywhere, so a likely reason could be to support XRP's liquidity, as CEO Brad Garlinghouse explained in a Twitter thread a couple of years ago.

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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.