A new Ripple whale alert is in the XRP news today, showing that a single transaction of 50,000,000 XRP was carried out easily. Traders are now tracking a large crypto movement from Ripple which sent 50 million XRP from one of its wallets to a separate wallet of unknown origin.
The Ripple whale alert shows that the transaction moved 50 million of XRP – going in contrast to the one billion XRP in and out of escrow each month, which is making the funds available to sell to third-parties.
The recent transfer sent XRP from a well known funding wallet that is owned by the payments startup to one anonymous wallet. All of this indicates that the Ripple whale alert may be the actual company (Ripple Labs) selling some of its holdings or funding an initiative through its development arm Xpring. The cost of this single transaction was less than a penny.
50,000,000 #XRP (9,794,253 USD) transferred from Funding Wallet 1 to unknown wallet
— Whale Alert (@whale_alert) May 21, 2020
Meanwhile, recent news from the company showed that Ripple’s Xpring solution has committed $500 million in XRP to more than 20 blockchain-related companies in an effort to boost the crypto ecosystem.
The company (which owns more than half of all XRP in existence) has reduced its sales of the digital asset in recent months. In the latest XRP Markets Report, the company reported selling around $1.75 million worth of XRP in the first quarter of this year. In the previous one, Ripple sold $13.08 million in the native token. As officially shared by them:
“In Q2 2019, Ripple shifted to a more conservative volume benchmark for XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier (CCTT) and significantly reduced XRP sales. In Q3 2019 and Q4 2019, Ripple further reduced XRP sales and paused programmatic sales. Ripple maintained this approach throughout the entirety of Q1 2020.”
Anyways, this recent Ripple whale alert in the latest altcoin news is one of the few which the payments startup has carried out in May this year. The company also sent 55 million XRP to its co-founder Jed McCaleb before this as part of a settlement reached between both parties.
The Ripple XRP cryptocurrency is now trading at $0.2011 with a 1.07% increase and a market cap of $8.87 billion. The coin managed to surge above the key psychological barrier at $0.20 overnight.
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