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Ripple Wires 124.5 Mln XRP While Exchanges Move 92.6 Mln XRP

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Mon, 06/08/2020 - 09:31
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Yuri Molchan
Whale Alert and XRPL Monitor have reported that Ripple has moved almost 125 mln XRP. 100 mln of it was transferred from Ripple's escrow storage vault
Ripple Wires 124.5 Mln XRP While Exchanges Move 92.6 Mln XRP
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Two large crypto transaction bots on Twitter – Whale Alert and XRPL Monitor – have reported a giant amount of funds recently being moved by the blockchain behemoth Ripple – 100 mln XRP – from its escrow wallet.

XRP
Image via @whale_alert

This transaction was made two hours after the first one, in which Ripple transferred 24.5 mln XRP to BitGo.

Ripple wires 124.5 mln XRP

$25,216,255 – this was the amount of cash the blockchain giant Ripple moved in XRP (124.5 mln) earlier today, as per XRPL Monitor.

100 mln XRP was released from the company’s escrow wallet. 24.5 mln was wired to the custodial service BitGo, which works with financial institutions.

XRP
Image via @XRPL_Monitor

As a rule, Ripple opens up escrow on the first day of each month to release one billion XRP in two lump sums of 500 mln each.

The XRP that Ripple takes from its escrow wallet is used for investment and charity purposes and to increase XRP’s overall level of liquidity, according to a series of tweets from Brad Garlinghouse in late 2019.

Afterwards, usually, around 80 per cent of these funds are returned to escrow. So, today’s 100-mln transfer seems to have been unplanned.

The company started putting the majority of the released funds back in escrow not so long ago. 

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Crypto exchanges transact 92.6 mln XRP

XRPL Monitor also provided data on transactions performed by other big crypto market players as they moved their XRP.

All-in-all, the bot reported transfers worth 92.6 mln XRP – amounting to $18,769,363.

These millions of XRP were sent by the major Korean exchange Bithumb, the custodial service BitGo and the Ripple Github Giveaway wallet. Frequent XRP transfers prove that the fourth largest crypto (after Tether pushed it from spot 3) remains one of the most popular crypto-assets.

XRP
Image via @XRPL_Monitor
RIpple
Image via Bithomp
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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.