Million worth of Ripple coins moved as XRP tries to break out of bear’s shackles

Ripple seems to be making waves in the cryptocurrency space again as Whale Alert; the popular cryptocurrency data aggregator revealed that over 30 million XRP was transferred from Ripple to Ripple OTC distribution wallet.

The transfer amounted to a massive 8.914 million which made it one of the single largest transfers of the day. The timestamp of the transfer corresponded to October 17 20:16 UTC with a hash of 048102075E2B594D973947B41629874C73C852E96A4007E968A82C3CA8443E26.

The source for the transfer was at rBg2FuZT91C52Nny68houguJ4vt5x1o91m. Ripple has always prided on being the companies that levy minimal transfer fee, and the latest transfer was an example of that. The 30 million XRP transfer only incurred an XRPL fee of 0.006197 XRP, which was equivalent to 6197 drops.

The receiving OTC distribution wallet had a balance of 21.83 million XRP, out of which 105 were reserved. The distribution wallet also contained $86,923 and 80.67 pounds. Some users in the space were speculative of the transfer with CryptoDim, a crypto user tweeting:

“Xrp dumping again as soon as price rises right, tell me I am wrong BTC maximists.”

Ripple had another reason to be happy, too, as the organization confirmed that the Bank of America was a customer that has been testing XRPL Based products. Ripple’s spokesperson had said:

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them.”

This came after the bank, at the start of October, had posted a vacancy for a team lead to run a Ripple project, and the new confirmation is only more reliable information. Bank of America has seemingly tested out Ripple’s xCurrent transfer system and not the cryptocurrency, XRP in itself.  Some of Ripple’s other mainstay partners include American Express, Santander, and PnC.

While a massive amount of XRP was transferred, the price of native Ripple cryptocurrency does not seem to have moved as the cryptocurrency was still trading for $0.29. The total market cap for the cryptocurrency was $12.57 billion, while the 24-hour market volume was $1.92 billion.

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