🚀 Ripple on the move: 115 million XRP transferred at a loss! 📉
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📊 Popular cryptocurrency transaction tracking platform Whale Alert identified two massive and one smaller XRP transactions transferring a total of 200 million XRP, mostly to anonymous blockchain addresses.
🐋 Most of this huge amount was moved by crypto decacorn Ripple Labs. While small XRP transactions from Ripple have become weekly in recent months, the company sometimes moves significant amounts, as it does now. Whale Alert is eager to share the details of these transactions. At this time, the price of XRP has shown a slight decline of 3% over the past 24 hours. 📉
🔄 Transactions totaled 25.5 million XRP (equivalent to $15,639,146); 85 million XRP (valued at $51,990,067) and 90 million XRP (valued at $55,248,785). A total of 200 million XRP were transferred, valued at $122,700,000. The transfer of 85 million XRP was made from one anonymous wallet to another, according to Whale Alert. Ninety million XRP moved from the giant Ripple to an address also labeled as an anonymous Whale Alert. However, data provided by analytics platform Bithomp shows that this was a normal internal transaction and the funds went to another wallet associated with Ripple.
💼 The likely reason for this is that the blockchain giant is saving 85 million XRP to later exchange it for fiat when selling on the exchange. *Ripple** holds a significant amount of XRP in the tens of billions. Typically, the company releases around 200 million XRP from escrow on the first day of each new month. The total amount issued is usually one billion XRP, but Ripple locks about 800 million of them on the same day. The remaining 200 million is likely used by Ripple to cover its operating expenses, maintain the coin's circulating supply in the market, and fill the "Ripple Payment" corridors with liquidity.*
🌐 Finally, a transaction of 25.5 million XRP was made by an anonymous sender to the main exchange Bitstamp. Bithomp data showed that Ripple Labs was also behind the sender - he used one of his wallets to transfer millions of XRP to Bitstamp.
🛣 Bitstamp's role here is to support one of the ODL (On-Demand Liquidity) corridors running on RippleNet, which uses XRP as an intermediary coin for large international transactions. ODL has recently been renamed simply "**Ripple Payments**" to make it clear and memorable for new customers. 🌐
