288 Million XRP Wired By Ripple As XRP Rises Almost 12%• November 6, 2022 5:48 pm • Comments
According to the blockchain tracker service called Whale Alert, an astounding 288 million XRP was transferred by Ripple in just the past 15 hours.
The purpose for this huge transfer is unknown and speculators can only guess the potential reasons for this.
The transfer was done in several transactions and the total amount of XRP transferred was worth around $142.8 million which signifies that it may be an indicator for something big to come,
The transaction was done with an “unknown” wallet which basically means that the wallet is just an extra wallet address that Ripple may use for a variety of purposes.
These purposes include things like sending crypto to crypto exchanges or to sell XRP in order to cover daily operational expenses.
— Whale Alert (@whale_alert) November 4, 2022
Whale Alert detected seven hefty transactions, carrying nearly three hundred million XRP. The largest one was made by Ripple, the destination was an “unknown” wallet.
It proved to be an extra address belonging to Ripple – RL18-VN, which is usually used for sending crypto beyond Ripple – to crypto exchanges, charity, to clients of the company or simply to sell XRP to cover daily operational expenses.
Every month, on the first day, Ripple releases a staggering billion XRP from escrow to support the coin’s liquidity on exchanges.
However, after that 700 or 800 million tokens gets locked back in escrow to be released another time in the future.
The other 188 million XRP was transferred by whales between major crypto exchanges. Those include Bitstamp, Bittrex, BitGo and CoinsPh.
The company itself is not the only one that is able to make whale transactions as the service often tracks any transaction above a certain threshold that speculators could use to predict future trends.
As far as Ripple releasing XRP goes, the company usually releases XRP on the first day of every month in order to support liquidity on all crypto exchanges.
However, a certain amount of that then gets locked back in escrow so that it can be released at a later time when needed again.
Recently, the price of XRP has also gone up almost 12% which is another indicator that financial insitutions are continuing to build positions on XRP.
— U.Today (@Utoday_en) November 5, 2022
On November 4, XRP demonstrated a price surge by nearly 12 percent, jumping from $0.4549 to the $0.5066 level, the surge was likely propelled by bulls.
By now, the coin’s price has begun declining and has lost 2.21 percent, changing hands at $0.049517.
Overall, Ripple is doing relatively well regarding the lawsuit against the SEC.
Recently, 12 companies have filed for a permission to submit amicus briefs in its support. Among these companies is the biggest US-based exchange Coinbase.
According to newly released tweets by blockchain tracker Whale Alert, the #Ripple #crypto-giant has participated in the transfer of close to 288 million #XRP during the previous fifteen hours. – Truebitcoiner https://t.co/DsTNBNlPAc
— True Bitcoiner (@True_Bitcoiner) November 6, 2022
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