Ripple Shifts Gigantic XRP Chunk to Anon Wallet, Here’s How XRP Price Reacts

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Ripple Shifts Gigantic XRP Chunk to Anon Wallet, Here's How XRP Price Reacts
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Blockchain plat­form Whale Alert, which reveals var­i­ous nuances of large trans­ac­tions with the cryp­to com­mu­ni­ty on a reg­u­lar basis, has spread the word about two astound­ing XRP trans­fers, car­ry­ing more than 126 mil­lion XRP together.

The big­ger of these two is the XRP trans­ferred by Rip­ple Labs as it sent $48 mil­lion in XRP to a blockchain address with an unreg­is­tered own­er. The sec­ond one was made by an unknown address to major cryp­to trad­ing venue Bit­stamp. In the mean­time, the XRP price has dropped approx­i­mate­ly 5%.

Ripple decacorn shifts 80 million XRP

The afore­men­tioned blockchain sleuth shared that over the past 24 hours, two mas­sive chunks of XRP have been moved – 80,000,000 and 26,700,000 XRP. They were eval­u­at­ed at $48,113,219 and $15,975,855 at the time of the transfers.

The ini­tia­tor of the 80 mil­lion XRP trans­fer was San Fran­cis­co-based fin­tech behe­moth Rip­ple, and it moved $48.2 mil­lion worth of cryp­to to a wal­let that Whale Alert tagged as unknown. This was also the most recent­ly made trans­ac­tion of the two – Rip­ple shov­eled its coins near­ly four hours ago.

Details shared by XRP explor­er Bithomp reveal that the receiv­er wal­let also belongs to Rip­ple Labs; there­fore, this trans­ac­tion becomes an inter­nal transfer.

Ear­li­er, U.Today cov­ered that cryp­to behe­moth Rip­ple has been mov­ing such large amounts of XRP at least once a month recent­ly. The goal of this trans­fer is unclear, how­ev­er, pos­si­ble rea­sons may include send­ing XRP fur­ther from that inter­nal wal­let to an insti­tu­tion­al cus­tomer, to a cryp­to exchange for con­vert­ing XRP into fiat to cov­er the com­pa­ny’s oper­a­tional expenses.

Anoth­er option is that Rip­ple could send these 80 mil­lion XRP to one of the plat­forms that col­lab­o­rate with it on its “Rip­ple Pay­ments” project for­mer­ly known as On-Demand Liq­uid­i­ty (ODL).

Here’s who stands behind XRP transfer to Bitstamp

The sec­ond trans­fer of 26,700,000 XRP was made to Bit­stamp a lot ear­li­er – near­ly 12 hours ago. How­ev­er, again cit­ing Bithom­p’s data, the trans­fer was made by Rip­ple-relat­ed address r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.

Large XRP trans­fers, car­ry­ing tens of mil­lions of coins, have been going to Bit­stamp (and also to Mex­i­can cryp­to uni­corn Bit­so) near­ly every day from anony­mous wal­lets, and also, every sin­gle week over the past three months.

Bit­so and Bit­stamp are both part­ners of Rip­ple as they pro­vide cor­ri­dors for “Rip­ple Pay­ments” trans­fers. This sys­tem runs on the Rip­pleNet net­work and uti­lizes XRP for fast and low-cost inter­na­tion­al transactions.

XRP price fluctuating

Over the past three days, Rip­ple-affil­i­at­ed cryp­tocur­ren­cy XRP has seen a decline of more than 5%, drop­ping from the $0.63584 lev­el to the $0.59865 price mark.

On Mon­day and Tues­day it test­ed the sup­port at $0.59682, and both times, it rose after that. Today so far, XRP has print­ed a red can­dle on the hourly chart, exchang­ing hands at $0.059811 on the Bit­stamp exchange.

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