Ripple Moves 100 Million XRP As Bitcoin (BTC) Whales Continue Massive Crypto Migration
Crypto whale watchers are monitoring massive movements of XRP and Bitcoin.
Ripple just moved 100,000,000 XRP worth $39 million out of its escrow wallet to one of its over-the-counter wallets. Each month, Ripple unlocks a total of 1 billion XRP from escrow, sells a portion of the assets to crypto exchanges and other interested third parties, and then returns the rest back into escrow.
This particular transfer is a bit unusual, however, because Ripple typically makes its large XRP transfers at the very end of the month.
🚨 🚨 🚨 100,000,000 #XRP (39,846,512 USD) transferred from Ripple Escrow wallet to Ripple
— Whale Alert (@whale_alert) May 22, 2019
Ripple owns more than half of the total supply of XRP and in the first quarter of this year sold $169.42 million worth of the digital asset.
Ripple says it uses the funds to power the company and support the XRP ecosystem. The San Francisco startup’s continuous sale of XRP triggered a recent debate on whether the company’s actions are keeping the price of XRP from rising.
Meanwhile, Bitcoin whales are out in force, following yesterday’s movement of 15,111 BTC worth about $120 million.
In just the last seven hours, some of the biggest Bitcoin holders in existence have moved 14,949 BTC worth $118 million, with the price of Bitcoin slipping 0.86% to $7,905 at time of publishing, according to CoinMarketCap. Most of the transfers moved BTC off of crypto exchanges or from one crypto exchange to another. Two traders sent 2,750 BTC on to crypto exchanges, which indicates they may plan to sell some of their assets.
- 2,000 BTC worth $15.8 million transferred from unknown wallet to Huobi
- 3,655 BTC worth $28.9 million transferred from unknown wallet to unknown wallet
- 1,697 BTC worth $13.4 million transferred from Huobi to unknown wallet
- 3,696 BTC worth $29.5 million transferred from unknown wallet to unknown wallet
- 900 BTC worth $7.1 million transferred from Bittrex to Bitstamp
- 634 BTC worth $5.0 million transferred from Coinbase to unknown wallet
- 828 BTC worth $6.5 million transferred from Bitstamp to unknown wallet
- 789 BTC worth $6.1 million transferred from Bitstamp to unknown wallet
- 750 BTC worth $5.8 million transferred from unknown wallet to Bitfinex