Ripple Wires 224 Million XRP After Locking 900 Million Back in Escrow

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Wed, 12/02/2020 - 10:40
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Yuri Molchan
Ripple blockchain decacorn has been spotted transferring more than 224 million XRP over the past 15 hours, sending part of it from the company's distribution wallet
Ripple Wires 224 Million XRP After Locking 900 Million Back in Escrow
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Ripple fintech behemoth has performed several transactions, pushing across more than 224 million XRP, according to data shared by Whale Alert and XRPL Monitor tracking bots.

This took place once Ripple locked 900 million XRP in escrow after releasing a billion of these coins on Dec. 1.

Ripple shifts 224.6 million XRP

Two popular tracking services, Whale Alert and XRPL Monitor, have shared data, according to which blockchain heavyweight Ripple has parted with a gargantuan amount of XRP over the past 15 hours: 224.6 million XRP.

In fiat, this amount constitutes $139,459,181. Approximately 40 million coins were wired by Ripple from its OTC distribution wallet, Whale Alert believes, in two consecutive transfers.

XRP
Image via Twitter

Ripple sends money to charity

There were three more transfers: 14 million, 21 million and, the largest of the three, 150 million XRP, sent by Ripple.

Two of those transfers were made from RippleWorksOrg. Rippleworks.org is a non-profit organization that operates to help social ventures by supporting them with funding.

On Dec. 1, the tech decacorn Ripple unlocked one billion XRP to support the coin's liquidity, as it does on the first of every month.

After that, 900 million was sent back to escrow to be locked.

XRP
Image via Twitter

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Nouriel Roubini slams XRP as totally useless

Renowned Bitcoin critic Nouriel Roubini (also known as Dr. Doom for predicting the financial crisis of 2008-2009) has taken to Twitter to bash Ripple and its productsXRP in particular.

He stated that Ripple and its products have not had any use until now and will not in the future either, referring to XRP as totally useless and stating that Ripple has been printing a huge amount of it.

In November, after Bitcoin experienced a Thanksgiving price drop, Roubini likened the flagship currency to a "rigged illegal casino." However, prior to that, he also admitted that BTC could be a partial store of value.

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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.

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