HomeCrypto NewsMarketRipple Moves 50M XRP Amid Other Whales Hefty XRP Movement

Ripple Moves 50M XRP Amid Other Whales Hefty XRP Movement

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The XRP transaction from Ripple saw $16.7M worth of the asset flow into an unknown wallet.


Ripple recently transferred up to 50M XRP to an unidentified wallet, as the community witnessed the movement of over 500 million XRP tokens in the past 24 hours amid growing market uncertainties. The transaction came at a time when the litigation between the firm and the SEC is nearing its endpoint and is the latest in a series of XRP transfers carried out by Ripple in recent times.

Ripple Involved in a Series of Large XRP Transactions 

The recent XRP whale transactions, including the movement from Ripple, were indexed in real-time by the crypto tracking system Whale Alert. The Ripple transfer involved the movement of 50M XRP tokens valued at $16.7M to an unidentified wallet today at 00:46 (UTC). The receiving wallet has sent 42.6M XRP to two unidentified accounts. 

The latest transaction from Ripple is a series of movements the technology company has made in interactions with unidentified wallets and its escrow wallets in the past three months. The Crypto Basic has highlighted the majority of these transactions.

Two weeks back, Ripple moved 50M XRP tokens to an unidentified wallet on December 7, as previously reported. Additionally, last month, the firm transferred 100M XRP valued at $49M to another unknown wallet. This was preceded by the movement of another 50M XRP in October and 100M more in August.

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Each transaction has been made to unidentified wallets, and while these wallets remain unknown, the transactions likely involved Ripple’s On-Demand Liquidity (ODL) solution. These transactions are likely made to ODL partners who would utilize the assets in facilitating transnational payments.

Ripple’s Recent Unusual Escrow Activities 

Besides the indexed XRP movements, Ripple’s escrow wallet activities have been noteworthy of late. On December 1, the firm unlocked 900M XRP in two separate uneven transactions after an inexplicable two-month hiatus, as previously reported by The Crypto Basic.

The December escrow release marked the first time Ripple unlocked escrow assets since September, following a hiatus in October and November. November, in particular, saw the firm lock up 1.2B XRP in escrow without releasing any assets for the month, leaving the community to ponder the reason behind the unusual move.

Other Whale Movements

Meanwhile, following the latest 50M XRP transfer from Ripple, other whale movements have been highlighted by Whale Alert in the past 24 hours, amounting to half a billion tokens, with the Ripple transfer inclusive. 32.5M XRP valued at $11M was moved from an unknown wallet to Bitstamp today at 01:21 (UTC).

Two minutes later, whales transferred 40M XRP worth $13.5M from an unknown wallet to a Bitstamp-affiliated wallet. The transaction emptied the sending account. This was shortly followed by the latest transaction of the bunch, which involved the movement of 55.3M XRP ($18.8M) between two Bitso wallets today at 01:30 (UTC).

Notwithstanding, Binance carried out the largest single transaction in the past 24 hours on December 19, 13:04 (UTC). The exchange moved 325.8M XRP tokens valued at a whopping $112M to an unknown wallet.

Binance had earlier announced that it would carry out large movements of XRP and LINK tokens as part of its housekeeping measures for Binance-pegged tokens. Binance’s transaction contributed to the 1B+ XRP tokens moved in the past week, as the community witnessed a series of large whale transactions amid the prevailing market uncertainties.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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