Massive Ripple (XRP) And Stellar (XLM) Transactions Registered By Both Networks

Massive XRP And XLM Transactions Registered By Both Networks

During the last hours, a large number of Stellar (XLM) and XRP transactions have been registered by both networks. The information was released by Whale Alert on Twitter a few minutes ago.

Everything started with a 10,000,000 XLM transaction from Bittrex to an unknown wallet. This first transaction was performed just a few hours ago. This 10,000,000 XLM is equal to $865,422 USD.

10,000,000 #XLM (865,422 USD) transferred from #Bittrex to Unknown wallet

Tx: https://t.co/3CgMlF90S1

— Whale Alert (@whale_alert) February 27, 2019

Hen, new 10 million XLM transactions from Bitmex started to happen. According to Whale Alert, 22 transactions from Bittrex to an unknown wallet were performed in just a few minutes. The Twitter user explained that someone is moving massive amounts of XLM, possibly to a cold wallet. These 22 XLM transactions moved 220,000,000 XLM, equal to $19 million.

Someone is moving massive amounts of XLM, possibly to a cold wallet. This is not a bug.

— Whale Alert (@whale_alert) February 27, 2019

However, this was not all. The same happened with XRP transactions immediately after. A user started to move 9,999,999 XRP from Bittrex to UpBit. Each of these transactions was equal to $3,213,910 USD.

Whale Alert informed that they had to temporarily increase the limit for XRP transactions shown to limit the spam. Whale Alert mentioned that they were able to track 50 transactions of 10 million XRP each from Bittrex to UpBit. As per this Twitter user, the total value of the transactions was $159,536,070 USD.

We tracked 50 transactions of 10 million #XRP each from #Bittrex to #Upbit the past hour. The total value of the transactions was $159,536,070 USD.

— Whale Alert (@whale_alert) February 27, 2019

It is not clear why there were users making these large transactions between exchanges.

Just a few minutes ago, the same Twitter account registered a massive transaction of 30,000,000 XRP (equal to $9.54 million USD) from UpBit to Bittrex. UpBit has also moved smaller amounts of XRP to other exchanges. For example, it sent 14,846 XRP and 54,486 to Binance.

Just yesterday, 100,000,000 XRP ($31,878,615 USD) were transferred from Ripple Escrow wallet to Ripple OTC Distribution wallet.

Ripple and XLM are two different cryptocurrencies that have many similar things in common. Jed McCaleb was part of the founding team of Ripple and also the creator of Stellar Lumens. Additionally, both networks aim at reducing cross-border transaction costs for financial companies around the world. Both of them are currently traded among the top 10. XRP is the third largest digital asset. It has a market capitalization of $14.67 billion. Additionally, XLM is being traded as the 8th most valuable digital asset with a market capitalization of $1.66 billion. Each XLM coin can be purchased for $0.0866.

https://bitcoinexchangeguide.com/todays-crypto-price-predictions-bitcoin-btc-ethereum-eth-ripple-xrp-and-bch-analysis-feb-27/