100,000,000 XRP Worth $32 Million Moved From Ripple Escrow Wallet
According to the Twitter Bot Whale Alert, 100,000,000 XRP coins have been transferred from Ripple Escrow wallet to Ripple OTC Distribution wallet. This is one of the largest transactions processed in the last few weeks and registered on the blockchain. This transaction was worth $32 million at current prices.
🚨 🚨 🚨 100,000,000 #XRP (32,062,080 USD) transferred from Ripple Escrow wallet to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) February 21, 2019
Just a few hours ago, another large transaction was processed by the Ethereum (ETH) network moving 218,675 Ether worth also $32 million.
The Ripple network tends to experience such large transactions. This transaction has very interesting information that allows us to understand that Ripple is trying to sell some of the funds that it had on Escrow. This could have a negative impact on the price of the popular digital asset because there will be more XRP for a stable demand. The funds were transferred from the Escrow wallet to the Ripple OTC Distribution wallet.
Ripple tries to sell some of the funds they have in order to fund their operations and improve their presence in the market. Ripple is offering services for companies all over the world for them to process transactions in a fast and easy way. The main intention behind it is to be able to provide a better system than the one that SWIFT is currently offering to financial institutions.
Currently, each XRP coin can be purchased for $0.319. Now, XRP is the third largest digital asset with a market cap of $13.2 billion. In the last 24 hours, XRP is falling 2.66% compared to Bitcoin (BTC) that dropped 0.79% during the same period of time.
If you want to know more about XRP large transactions, we have written at Bitcoin Exchange Guide an article about a 1.1 billion XRP transaction.