In a move that analysts have not yet explained, Ripple DLT and some top exchanges in the United States have shifted over 120 million XRP to some known and unknown destinations. Ripple DLT and the involved exchanges have not yet given a reason for the transactions.
The popular crypto tracking bot, Whale Alert, published the details on its telegram and Facebook groups. According to Whale Alert, these companies transferred XRP coins at different times within a week’s time. Most of these transfers took place on 16 and 17 May 2021.
Within the cited period, Ripple DLT, the owner of the seventh-biggest coin, by market cap, together with three top exchanges namely Coinbase, Bittrex and Binance moved about 116.5 million XRP worth over $182,013,805.
Within this period, Coinbase transferred the biggest batch of 62 million XRPs within its wallets. On the other hand, the second biggest transaction involves Binance, which received 29.5 million XRP. In a related move Binance also transferred 25 million to the Upbit exchange.
Most significantly, Ripple DLT sent the largest batch of XRP to Huobi. However, it also transferred some XRP coins to various other exchanges. On average Ripple DLT sent 4 million XRP coins per day to China’s biggest crypto exchange Huobi. As a result, it managed to transfer a total of 5.5 million XRP coins worth $8,341,045.
However, there is nothing really peculiar with such transactions as Ripple made similar transactions in the past. One such instance was when Ripple sent 477 Million XRP to Jed McCaleb in January 2021. Like in the current case, Ripple did not send a single batch of XRP coins, but a stream of transactions.
Again that transaction was clouded in mystery as it was carried out after SEC’s indictment. Earlier on, Ripple had also sent 113, 266 and 133 million XRP, respectively, in December 2020.
In the case of McCaleb, what is noteworthy is the agreement they made, allowing the latter to sell an agreed amount per day, with the initial amount being 9 million XRP per day.
Despite these recent developments XRP maintains a strong position on the market. On Monday 17 May 2021, the price of XRP rose by 3.12% gaining 0.43% from the previous day’s closing rate.
However, generally, Ripple’s performance has been subdued as it has failed to attain an ATH, like the other major cryptocurrencies such as Ether and Bitcoin, which maintain bullish momentums.