The term “whale” gets used in the crypto sphere often to describe BTC or other crypto addresses and wallets that hold an accountable amount of tokens. The movement by a crypto whale barely goes past unnoticed. Most of the time, when a whale moves a particular coin, there comes the consequences. And, it seems that the current sudden fall in XRP price after reaching its six-months high is a result of the recent Ripple whale movement.
Not just the whales who hold Ripple’s coin are on the move, but, in fact, many of the most significant addresses in ETH, Bitcoin, and XRP (the crypto whales holding top 3 coins) have moved over 700 million USD in the past day.
So speaking about XRP here, not too many hours ago, a large amount of XRP (5,000,000 XRPs) was moved from an XRP account to a Bithomp wallet.
https://twitter.com/XRPL_Monitor/status/1128814570678706176
As stated in the report, the transaction only involved a few drops of XRP (12 drops) in which the sender and receiver’s balance was 30,117,440.289964 and 5,000,049.97633 after receiving the chunk amount.
According to Whale Alert, this transaction was performed from a Ripple wallet with a large chunk of XRP to a Bithomp wallet. At the moment, we do not know why such an amount was transferred; however, the transaction has left a negative effect on XRP price already.
Whale Alert also has reports of other movements to unknown wallets, and this time again it involves several millions of dollar XRP transactions:
- 4,998,900 XRP ($1.9 million) transferred from unknown wallet to Bitstamp,
- 5,599,999 XRP ($2.3 million) transferred from Bittrex to UpBit,
- 50,000,000 XRP ($21.4 million) transferred from a mysterious wallet to another mysterious one,
- 23,646,000 XRP ($10.2 million) got transferred from an unknown wallet to unknown one,
- 49,999,900 XRP ($20.9 million) transferred from unidentified wallet to unidentified one,
- and 45,000,000 XRP ($19.5 million) transferred from unknown wallet to unknown wallet.
No doubts, transactions like these will always cause a stir and alert everyone in the crypto community, and the recent one involving 5,000,000 XRPs transferred to a Bithomp wallet is no exception.
Bithomp is a Ripple block explorer and also a paper wallet on Ripple’s ecosystem. Nevertheless, since the original sender was from a Ripple wallet to Bithomp – it is likely Ripple performed the transaction itself.
Overall, Ripple has allegedly moved more than 85 million XRP tokens that are worth more than USD 30 million, thus executing five different operations. It is worth noting also that all these transactions are always included in the billionaire transaction monthly. Although, it is difficult to ascertain why the blockchain network carries out these transactions frequently.
Ripple Holds a Majority of XRP Tokens
Up until now, Ripple allegedly holds 60 percent of the total supply of XRP coins in circulation and these XRP tokens are stored in company’s escrow account. The blockchain retains the ownership of these tokens since they periodically sell XRPs to institutions, banks, crypto exchanges, and other companies.
In a recent interview, Ripple’s CTO restated that the blockchain company has no control over the network, but only 55 billion XRPs.
In 2018, Ripple sold a high amount of XRP tokens reaching a total of $535 million according to the company’s Q4 report that details XRP sales.
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