Home News 100 Million XRP Moved to Unknown Wallets

100 Million XRP Moved to Unknown Wallets

August 09, 2019 13:00
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Crypto whale watchers are currently watching 100 million XRP being moved. News portal, Oracle Times reported that the most recent transaction that took place sent 100 million XRP which are worth $31.2 million from an unknown wallet to another one on Wednesday.

The news portal speculated that the exorbitant amount that is being transferred could belong to Ripple and that the company is shifting the XRP holdings to an institution or crypto exchange.

Providing proof to the speculations, the portal said that the XRP in the originating wallet were known to belong to Ripple and these wallets were earlier used to distribute XRP via Over the Counter (OTC). The transfer did not begin on Wednesday. On Monday and Tuesday, around 17 million XRP was transferred from an unknown wallet to the exchange Gatehub and 15 million XRP was transferred from an unknown wallet to the crypto exchange Bittrex.

On Monday, there was another huge transaction, involving XRP, was made. At the beginning of the week, someone moved 300,666,888 XRP (then worth about $96 million). This transfer was sent to Binance by another unknown wallet. This was reported by a Twitter handle called Whale Alert.

It said, “100,000,000 #XRP (31,273,895 USD) transferred from unknown wallet to unknown wallet”

Strangely this is not the only instance of large amount of cryptocurrencies being moved this week. Earlier this week, Tether printed nearly 100 million USDT. As we had earlier reported, the creation of USDT tokens is often correlated with a rise in the price of Bitcoin, as Tether moves the coins to crypto exchanges like Bitfinex.

However, Bitfinex has long denied that USDT has been used to manipulate the price of Bitcoin, but in the past there has been damning evidence, to the contrary.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.


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