Afternoon Crypto Whale Watching Nets a Capture of Huge Amounts of XRP Tokens on the Move
As soon as the bear market finally ended, the crypto market was able to start anew. Now, massive amounts of crypto are being moved around the world and XRP, the token created by Ripple which is currently the third largest token by market cap, is no exception to this rule.
According to a Twitter profile called Whale Alert, which aggregates the data from “whales”, the investors who hold gigantic amounts of money, there have been multiple XRP exchanges happening recently, as 26 million XRP tokens were traded.
One of the transactions was made from a wallet that belongs to Ripple and it is used on over the counter (OTC) trading. The transaction sent $3.732 million USD to another unknown wallet and it happened on May 23.
There was also another transfer of around 6 million XRP tokens, too, which happened on the same day. The transfer occurred from an unknown wallet to a Nexo wallet.
Finally, the third significant transaction happened around 12 hours after these ones and it was the largest one, as it exchanged around 10 million XRP tokens. This was moved from a Ripple wallet to an unknown one.
Why are these transactions happening right now? As always, it is very hard to say for sure because there may be several reasons for why things are happening this way. However, Ripple recently decided to further the strength of its partnership with R3’s Corda and released a statement affirming that the company was planning to start new projects with them.
About Ripple and XRP
Ripple was a company created in order to use the blockchain technology to speed up international cross-border settlements and take the place of SWIFT. As a way to do that, the company created the XRP, which are decentralized, despite Ripple owning a huge amount of them.
The company currently has services like xVia xRapid and xCurrent, which are used in order to make cross-border settlements.