Crypto whale watchers are tracking a series of XRP transfers from Ripple.
In the last 24 hours, the San Francisco startup has moved a total of 55,000,000 XRP worth $15.6 million in three separate transfers.
Two of the transfers involve Ripple’s over-the-counter (OTC) distribution wallet, which the company uses to sell XRP to crypto exchanges and other institutions.
Ripple first transferred 30,000,000 XRP worth $8.5 million from one of its main XRP wallets to one of its OTC wallets.
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It then sent 10,000,000 XRP worth $2.8 million from the OTC wallet to a wallet of unknown origin, indicating the company likely sold the batch of XRP to a third party.
The third and final transfer from Ripple also involved an unknown wallet. Ripple sent 15,000,000 XRP worth $4.3 million from one of its main wallets to an unknown wallet.
Since the transfer did not come from Ripple’s OTC wallet, it’s not clear whether this transfer was a sale of XRP or Ripple moving its funds around internally. Ripple owns about 60% of the total supply of XRP, with most of it locked in escrow.
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Ripple regularly sells portions of its holdings and says it uses the proceeds to fund its company and invest in companies building on the XRP ledger and blockchain technology at large. You can check out Ripple’s Q2 XRP sales numbers here.
The price of XRP continues to surge. In the last 24 hours, the third-largest crypto asset is up 8.16% at $0.3137, according to CoinMarketCap at time of writing.
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