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Whales are busy shifting their XRP holdings in huge numbers after the cryptocurrency’s recent spike to annual highs.
In total, a total of just over 544 million XRPs worth $ 352.8 million have been transferred in the past 24 hours. An unknown wallet transferred 100 million XRP worth $ 65.2 million on a separate unknown portfolio. The same unknown wallet sent another 100 million XRPs to the same receiving wallet in an identical transaction one minute later.
Even the Ripple Genesis wallet transferred 116.5 million XRP worth $ 75.7 million for an unknown portfolio.
Furthermore, Binance received a total of 34 million XRPs worth approximately $ 22 million from a single unknown portfolio on two separate transactions.
In addition to these transactions, the whales moved 194.2 million XRPs worth $ 124.7 million on the last day. Four of the transfers involve moving the XRP from unknown wallets to crypto exchanges.
One transaction moved the XRP from Ripple to an unknown wallet and another transaction moved the XRP from Genesis to an unknown wallet. Here is the summary of recent transactions:
Meanwhile, Ripple unlocked its monthly allowance of one billion XRP from escrow as the whales moved large amounts of the third largest cryptocurrency on Monday.
According to crypto tracker Whale Alert, the San Francisco payments startup moved 500 million XRPs from escrow to a Ripple wallet and then another 500 million to a separate Ripple Wallet. The transactions, worth a total of approximately $ 654 million, were processed for a combined cost of well under a cent.
Ripple holds more than half of XRP’s total supply. In December 2017, the company pledged not to sell all of its tokens at once, blocking 55 billion XRPs in a series of cryptographically protected escrow accounts.
Ripple has established a schedule to release one billion XRP each month, sell part, and return the rest under warranty.
Although the transfers free up funds for the company to sell for cash this month, Ripple is expected to dump only a small percentage of the one billion XRP unlocked, as in previous quarters.
Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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