Ripple shoveled over 900 million XRP in three massive chunks after Signature Bank shut down
According to Whale Alert, multiple sizable XRP transactions have been seen over the last 24 hours, including three stunning ones that transported between 200 million and almost 300 million XRP. Ripple and anonymous wallets transferred 916 million XRP in total.
These transfers occurred about the same time as word of the closure of the third big crypto-friendly bank surfaced.
According to the aforementioned source, three of the eight XRP transactions it had identified that involved the greatest single amounts of XRP were carried out by wallets affiliated with the crypto behemoth Ripple. These transfers transported enormous amounts of cryptocurrency, including 278,500,000, 245,500,000, and 200,000,000 XRP.
These coins are worth the same as $262.4 million in fiat USD. A portion of this cash was reportedly transferred to Bittrex for sale. The remainder was moved among wallets connected to Ripple.
The remaining five transfers moved a total of 192 million XRP. Each of those four transferred tens of millions of XRP to the Bitstamp exchange.
Over the weekend, it was revealed that Signature Bank had filed for bankruptcy. The third-largest cryptocurrency-friendly bank to close recently was this one. Previous to that, Silicon Valley and Silvergate banks failed. Brad Garlinghouse, the CEO of Ripple, claimed that the cryptocurrency firm has no exposure to this bank. But, its shutdown has had no effect on how it conducts business.
This affects the minting of TUSD stablecoin for a small number of customers from that bank. Regarding BUSD and USDP stablecoins, its emitter Paxos tweeted that $250 million of its money was present at the bank’s closure and were kept there.
The U.S. government has taken action to safeguard all client deposits by offering a full guarantee for that, claims Chinese writer Colin Wu in a recent tweet.
— Wu Blockchain (@WuBlockchain) March 13, 2023
Robert Kiyosaki, a well-known investor and author of the book “Rich Dad Poor Dad,” foresaw the impending collapse of the third big bank after Silvergate and SVB. He didn’t give any specific names, but it was obvious that he was thinking of Signature Bank. Nonetheless, that incident had little impact on Bitcoin. However, BTC showed a nearly 10% increase, reaching $22,681. Yet, at the time of writing, the most popular cryptocurrency is trading at $22,088.
Read more:
- Traditional Investors Show Abnormal Interest In XRP Despite Outflows Totaling Hundreds Of Millions Of Dollars
- Judge Analisa Torres In Ripple Lawsuit May Have Already Decided Whether XRP Is A Security