Crypto Whales Continue Making a Splash as $100 Million XRP on the Move, $118 Million in BTC
Ripple, one of the largest cryptocurrency networks in the market, is registering large movements of XRP. According to data provided by Whale Alert, 100,000,000 XRP were transferred from Ripple Escrow wallet to Ripple. These large transactions are very common in the network since Ripple sells XRP it has stored in escrow to funds its operations.
Ripple Moves 100 Million XRP
Ripple has just moved 100 million XRP worth almost $40 million from Ripple Escrow to Ripple. These transactions tend to be normal but in this particular case, the funds were moved before the end of the month during the last days, when Ripple usually performs them. At the moment, Ripple is the owner of more than half of the total supply of XRP. Just the first quarter of the current year, the company sold to the market $169.42 million worth of XRP.
🚨 🚨 🚨 100,000,000 #XRP (39,846,512 USD) transferred from Ripple Escrow wallet to Ripple
— Whale Alert (@whale_alert) May 22, 2019
Ripple uses these funds to power the XRP ecosystem and all the network. The company is working in order to expand crypto adoption around the world and improve cross-border transaction services.
Bitcoin is also registering large network transactions. Whales are moving millions of dollars in funds every single day. In general, these Bitcoin transfers are related to transactions from one exchange to another. This might be related to investors that want to sell funds in other exchanges and that are processing these necessary on-chain transactions.
At the time of writing this article, Bitcoin is being traded around $7680 and it has a market capitalization of over $136 billion.