Ripple and several leading exchanges have transferred over 335 million XRP while price keeps going down

According to Whale Alert, there are several transactions carrying a large amount of XRP tokens. Over 330 million tokens have been transferred, with fintech giant Ripple actively participating in moving these funds on the blockchain.

335 million XRP shifted by Ripple and exchanges as trades on the dip

Meanwhile, XRP is demonstrating a drop of 4.71% over the past 24 hours. Whale Alert posted a series of tweets to spread the word about the seven major XRP transactions. The biggest one was created by blockchain monster Ripple when it moved 70,000,000 tokens to one of its reserve wallets – RL18-VN.

This wallet by the company is used to transfer cryptocurrencies outside of Ripple – to customers, the exchange, and to cover operational costs. This amount of XRP is valued at $26,718,456 at current exchange rates.

A slightly larger amount was exchanged by the Mexico-based Bitso exchange – 74,800,000 XRP. Bitso is a crypto unicorn unique to Latin America and a company in which Ripple invested an undisclosed amount in the fall of 2019, making the exchange its partner on the service. Fast and low-cost On-Demand Liquidity (ODL) transfers using XRP.

The remaining five exchanges bring in between 30 million and 40 million XRP from exchanges Bitstamp, Bittrex, and more.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like