An enormous amount of XRP has been transferred by Ripple giant into the unknown
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Blockchain tracker Whale Alert, which tracks down large cryptocurrency transactions, has detected a tremendous XRP transfer made by fintech behemoth Ripple Labs.According to the data shared by Whale Alert, approximately 20 hours ago, Ripple crypto decacorn transferred a whopping 100,000,000 XRP to a wallet tagged by Whale Alert as unknown. This amount of XRP was equal to $52,815,512 at the time of the transfer.
If this is a sale then afterwards, these millions of XRP coins will be moved on until they end up at a cryptocurrency exchange to be sold. Ripple keeps a large share of the circulating XRP supply, billions of these coins, and sells some of them from time to time to cover their operational expenses. The aforementioned data source also shared that two more large XRP chunks were later transferred to major centralized crypto exchanges – Bitstamp and crypto unicorn Bitso.The former received 28,270,000 XRP worth $15,139,951 from an anonymous wallet. The latter got 21,920,000 XRP from an unknown address. Both transactions were made by the same sender – the -Hh4Rzn wallet, according to Bithomp, is related to Ripple too. Therefore, these 50.
Bitstamp and Bitso are not only major exchanges, they also collaborate with Ripple on its payments service, which operates worldwide, running on RippleNet, and utilizes XRP for fast and low-cost transactions.Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
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