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Ripple Starts February With a Bang, Sends 95,527,815 XRP Worth $28 Million in Potential Sale to Crypto Institutions

by Daily Hodl Staff
February 9, 2019
in Altcoins

Ripple’s over-the-counter distribution wallets continue to move large amounts of XRP in early February. The transfers appear to be Ripple selling portions of its XRP to institutional players – a practice Ripple has increasingly used to pay its bills and boost adoption of XRP. Over-the-counter trades are negotiated directly between two parties, without the use of an exchange.

The San Francisco startup’s over-the-counter operation just transferred 30 million XRP worth $9.2 million, at time of transfer, to an unknown wallet, and in a separate transaction, sent 12 million XRP worth $3.9 million to another unknown wallet.

The two transfers came hours after Ripple sent 52,750,000 XRP worth $15.3 million in yet another big over-the-counter transaction.

? 52,750,000 #XRP (15,380,245 USD) transferred from Ripple OTC Distribution wallet to Unknown wallet

Tx: https://t.co/UkmUKfT0ia

— Whale Alert (@whale_alert) February 6, 2019

In total, the three transfers add up to 95,527,815 XRP, worth $28.4 million at time of transfer.

Last year, Ripple ramped up its sales of XRP to record-breaking levels.

Back in 2017, Ripple sold about $181 million worth of XRP, a number that increased to $535 million in 2018. Of the $535 million, the company sold about $171 million XRP directly to institutional participants. The rest of the XRP was sold programmatically to crypto exchanges and other companies that have ongoing deals with Ripple.

Ripple owns about 55 billion XRP, which accounts for 60% of the total supply, with most of it locked in escrow.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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