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288 Million XRP Wired by Ripple and Whales as XRP Briefly Rises 11.73%

5 Nov, 20222 min readAltcoins
288 Million XRP Wired by Ripple and Whales as XRP Briefly Rises 11.73%

As per recently published tweets by blockchain tracker Whale Alert, over the past fifteen hours, a close to whopping 288 million XRP has been transferred with the participation of Ripple crypto giant.

Several transfers was made, carrying $142.8 million worth of Ripple-affiliated XRP coins.

288 million XRP moved with Ripple’s participation

Whale Alert detected seven hefty transactions, carrying nearly three hundred million XRP. The largest one was made by Ripple, the destination was an “unknown” wallet. It proved to be an extra address belonging to Ripple – RL18-VN, which is usually used for sending crypto beyond Ripple – to crypto exchanges, charity, to clients of the company or simply to sell XRP to cover daily operational expenses.

🚨 🚨 🚨 🚨 100,000,000 #XRP (49,160,827 USD) transferred from Ripple to unknown wallet— Whale Alert (@whale_alert) November 4, 2022

Every month, on the first day, Ripple releases a staggering billion XRP from escrow to support the coin’s liquidity on exchanges. However, after that 700 or 800 million tokens gets locked back in escrow to be released another time in the future.

The other 188 million XRP was transferred by whales between major crypto exchanges. Those include Bitstamp, Bittrex, BitGo and CoinsPh.

Bitstamp participated in every transaction apart from the one initiated by Ripple Labs.

XRP remains one of the most popular digital currencies, therefore over the past two months whales have been quite active in moving this asset to exchanges to sell on highs.

XRP jumps 12 percent briefly

On November 4, XRP demonstrated a price surge by nearly 12 percent, jumping from $0.4549 to the $0.5066 level, the surge was likely propelled by bulls.

By now, the coin’s price has begun declining and has lost 2.21 percent, changing hands at $0.049517.

Overall, Ripple is doing relatively well regarding the lawsuit against the SEC. Recently, 12 companies have filed for a permission to submit amicus briefs in its support. Among these companies is the biggest US-based exchange Coinbase.

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