According to newly released tweets by blockchain tracker Whale Alert, the Ripple crypto-giant has participated in the transfer of close to 288 million XRP during the previous fifteen hours.
Multiple transactions were performed, transporting XRP currency associated with Ripple totalling $142.8 million.
Whale Alert identified seven transactions containing over 300 million XRP. The biggest was created by Ripple, and it was sent to an “unknown” wallet. It turned out to be an additional Ripple address, RL18-VN, which is often used for delivering crypto outside Ripple – to crypto exchanges, charity, customers of the firm, or simply to fund daily operating expenditures by selling XRP.
Ripple distributes a whopping one billion XRP from escrow on the first of every month to sustain the coin’s liquidity on exchanges. However, following this 700 or 800 million tokens are returned to escrow to be issued at a later date.
The remaining 188 million XRP were moved between major cryptocurrency exchanges by whales. Included among them are Bitstamp, Bittrex, BitGo, and CoinsPh. Except for the transaction originated by Ripple Labs, Bitstamp participated in each transaction.
XRP is one of the most popular digital currencies; thus, whales have been highly active in bringing this asset to exchanges to sell at a premium during the last two months.
On November 4, XRP saw a price increase of about 12 percent, increasing from $0.4549 to $0.5066; this increase was likely fueled by bulls.
Currently, the price of the currency has begun to decline and has lost 2.21 percent, trading at $0.049517. Overall, Ripple’s position in the litigation against the SEC is pretty favourable. Twelve corporations have recently requested permission to write amicus papers in its Favour. Among these firms is Coinbase, the largest US-based cryptocurrency exchange.
Also Read: A US Attorney’s Bold Prediction Regarding the Outcome of the Ripple Case