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HomeCrypto NewsMarketRipple Labs Completes In-House Transfer of 70M XRP

Ripple Labs Completes In-House Transfer of 70M XRP

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American blockchain payments firm Ripple Labs Inc. has completed the internal transfer of 70,000,000 XRP.

According to data insights from Whale Alert, the 70 million XRP originated from an address controlled by Ripple. At the time Ripple initiated the transaction, it was valued at $43,171,395, implying that each XRP token moved was priced at $0.6167.

At the time of writing, XRP price has jumped to $0.6241, up by 0.83% in the past 24 hours. The coin’s market capitalization has also soared by an equal rate to $33,770,969,356, marking a major deviation from the bearish path set by the trading volume which is down 13.85% to $1,505,001,631.

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Ripple’s XRP Movement: a Predominant Trend

While it was visible that the funds originated from a Ripple account, the fear of selloff is allayed as the assets were moved to another wallet the company activated on October 2.

The wallet the funds originated from has been active since August 11, 2015, and the last 5 transactions this month featured a credit of 200,000,000 XRP on December 1.

The remaining transactions were debit, including two outflows of 60,000,000 XRP, one involving 120,000,000 XRP, and the most recent 70,000,000 XRP. After the latest transfer, the Ripple-owned wallet boasts a balance of 26.340 million XRP.

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The receiving wallet on the other hand is a relatively new one with a balance of 165.806 million XRP at the time of writing. Prior to this deposit of 70,000,000 XRP, the address recorded a series of outflows of 500,000 XRP, 400,000 XRP, and 10.575 million respectively. 

The internal transfers of XRP now form a key trend that is possibly defining the firm’s operational activity.

XRP Whale Transfer Watch

XRP whale transfers are a key defining factor in the coin’s current momentum. While Ripple remains a top whale shaping XRP’s liquidity, there are also unknown whales whose transfer activity equally shapes the outlook of the coin.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Godfrey Benjamin
Godfrey Benjaminhttps://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.

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