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Ripple Transfers 42 Mln XRP from Its OTC Distribution Address, Receiving 40.6 Mln from Binance

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Wed, 09/30/2020 - 09:11
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Yuri Molchan
Ripple shifted 42 mln XRP from its OTC distribution wallet, receiving 40.6 mln from Binance, while Coinbase Pro and Bitstamp have also transacted large XRP amounts
Ripple Transfers 42 Mln XRP from Its OTC Distribution Address, Receiving 40.6 Mln from Binance
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The Whale Alert and XRPL Monitor crypto tracking bots have brought to public view recent transactions made by the DLT decacorn Ripple, its ODL corridor Bitstamp, Binance and Coinbase Pro.

Ripple has transferred 42 mln XRP from its OTC distribution wallet and, later on, a slightly larger amount was sent back to Ripple's address from the same wallet.

Ripple keeps shifting XRP to its OTC wallet

In its recent tweet, Whale Alert shared that the DLT behemoth Ripple has shifted 42 mln XRP from its OTC distribution wallet. This sum in crypto amounts to $10,146,469.

XRP
Image via Twitter

Whale Alert stated that the funds were sent to an unknown crypto address. However, data from the analytics site Bithomp says it was moved to a BitGo walleta custodial service working with financial institutions.

Experts believe that Ripple moves XRP to its OTC distribution address to cash out XRP to cover the company's operational expenses or to send XRP to its customers and partners: financial institutions, payment services, crypto exchanges (ODL corridors), etc.

At press time, another transaction was made and a 45-mln XRP transaction was conducted, sending this money to a Ripple address from a Ripple OTC distribution wallet. That amounts to $10,887,609.

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Binance wires XRP to Ripple again

XRPL Monitor also published a tweet, saying that the Binance trading giant made a large XRP transaction to Ripple. A total of 15,675,691 was wired to Ripple's blockchain address.

Later on, another transfer to Ripple's "Funding Wallet 1" followed, carrying 25 mln XRP.

Some in the community believe that, after receiving XRP from Ripple (to keep the coin's liquidity at high levels), Binance returns "redundant XRP" to the DLT decacorn.

Apart from that, 8 mln XRP was shifted by the Coinbase Pro giant, and the same amount was wired to the same platform by BitstampRipple's ODL corridor in Europe.

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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.