A series of large XRP transfers have crypto traders on alert.
The single biggest transfer sent 49,999,995 XRP worth about $11.6 million to the Luxembourg-based cryptocurrency exchange Bitstamp. The transfer triggered quite a stir, with many traders wondering if the XRP holder is planning to sell.
— Whale Alert (@whale_alert) January 28, 2020
According to the crypto tracker Whale Alert, the XRP in question was sent from an unknown wallet. However, data from the XRP explorer Bithomp indicates the wallet was activated by the crypto custody giant BitGo.
Bitstamp and BitGo partnered back in October in a move designed to give Bitstamp a safe way to store its customers’ assets. The fact that the wallet was activated by BitGo suggests the transfer may be a routine shuffle of assets at Bitstamp.
“The security of our customers’ funds is always our highest priority at Bitstamp. With BitGo Custody, Bitstamp’s assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGo’s $100 million (USD) insurance policy.”
Meanwhile, the XRP Ledger Monitor is tracking a series of additional million-dollar XRP transfers in the last 24 hours. At time of publishing, the most recent is a movement of 15,000,000 XRP worth $3.5 million from the crypto exchange Binance to another wallet activated by BitGo.
In addition, the South Korean crypto exchange Coinone sent 20,519,000 XRP worth $4.8 million between two internal wallets, and Bitstamp sent 21,990,778 XRP worth $5.2 million between two of its internal wallets.
The payments company Ripple, which holds more than half of the total supply of XRP, recently moved 356,207,423 XRP worth $78.4 million in two separate transactions. Ripple sold significantly less XRP in the fourth quarter of last year, with the purpose of the two transfers in question unknown.
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.
Featured Image: Shutterstock/d1sk