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Ripple Moves $755 Million in XRP in 4 Seconds, Spending Less Than 1 Cent in Fees
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Altcoins January 1, 2019 Daily Hodl Staff

Ripple Moves $755 Million in XRP in 4 Seconds, Spending Less Than 1 Cent in Fees

 

Ripple is starting off the New Year with a bang, moving huge amounts of XRP.

Whale watchers are tracking a series of huge transactions with remarkably low fees. In all, about 2,133,569,088 XRP worth roughly $755,702,929 has been transferred.

Each of the seven transactions took four seconds to complete, and the fees for all transactions combined cost less than one cent.

According to Twitter’s Whale Alert, the majority of the XRP appears to be Ripple shifting funds into escrow. The company owns about 60% of the total supply of XRP, with the majority locked in escrow.

Other transactions appear to represent Ripple moving XRP to its over-the-counter (OTC) distribution wallets. Ripple regularly sells XRP to institutions through over-the-counter deals.

The transactions come on the heels of a busy December from crypto exchange Coinbase.

Last month the exchange moved 5% of all Bitcoin, 8% of all Ethereum and 25% of all Litecoin in existence to reorganize its assets and ensure its funds are secure.

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