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Ripple Prepares to Sell Millions in XRP to Institutional Investors As Crypto Whale Watchers Spot $71 Million in Ethereum on the Move
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Altcoins January 4, 2019 Daily Hodl Staff

Ripple Prepares to Sell Millions in XRP to Institutional Investors As Crypto Whale Watchers Spot $71 Million in Ethereum on the Move

 

A big crypto whale is on the move today, transferring millions of dollars worth of Ethereum (ETH) from cryptocurrency exchange Bitfinex.

So far, the whale has sent five transactions worth more than $71 million, as tracked by Whale Watch on Twitter.

Meanwhile, Ripple continues its mass transfer of XRP.

The company started the new year off with an eye-popping transfer of more than $755 million worth of XRP. The majority of the funds were moved into escrow.

The rest was transferred to Ripple’s over-the-counter (OTC) trading wallets. Ripple owns 60% of the total supply of XRP, and regularly sells portions of its stash to institutions.

In the past couple of days, Ripple has continued to move millions worth of the digital asset to its OTC distribution wallets, indicating the company is gearing up to sell about $23.5 million in XRP to organizations and investors with deep pockets.

In October, Ripple announced it sold a record number of XRP to institutions in the third quarter of last year.

Ripple revealed it had doubled its sales of XRP over the previous quarter, selling a total of $163.33 million worth of the digital asset, more than double the $73.53 million it sold in the previous quarter.

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