Ripple Transfers Over 29 Million XRP Amid Price Slump

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Ripple Transfers Over 29 Million XRP Amid Price Slump

Last updated on May 18th, 2024 at 12:25 pm

Blockchain company, Ripple Labs reportedly transfers over 29 million XRP to a popular cryptocurrency exchange. Though the purpose of the transfer is unclear, it could seem like a sale.

According to WhaleAlert – a blockchain tracker platform, a staggering 29,700,000 XRP tokens were transferred from an unknown wallet to Bitstamp exchange. However, details provided by Bithomp reveal that the “unknown wallet” belongs to the blockchain giant company Ripple Labs. The total value of the tokens transferred to Bitstamp equals $15,040,591 ($15.04 million).

Almost 430 million XRP transferred from Bitvavo

Meanwhile, prior to Ripple’s XRP transfer, WhaleAlert also recorded a significant number of XRP transfers to Amsterdam-based crypto exchange, Bitvavo. According to reports, about 425,322,309 XRP tokens were moved from an anonymous wallet to the aforementioned crypto exchange.

The total value of the tokens transferred from Bitvavo equals $213,135,940 ($213 million).

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Since the beginning of August, WhaleAlert has reported similar large amounts of XRP tokens transferred from one wallet to another. In fact, 36crypto previously reported that almost 1 billion XRP tokens were withdrawn from the same Bitvavo between the 25th and 28th of August.

Similarly, on August 31, Ripple Labs also transferred 31 million XRP tokens to an unknown wallet. The transfer was made at the heel of the development in the case between Greyscale and the US SEC.

Ripple releases about 200 million XRP tokens into the market

In the meantime, Ripple released one billion XRP tokens from escrow on September 1 as part of a planned, programmed monthly release. Ripple has been doing this regularly since 2018 to boost XRP’s market liquidity and promote the coin.

But, shortly after the releases were initiated, Ripple reversely started locking around 80% of the unreleased billion XRP tokens in escrow consequently releasing only about 200 million XRP tokens into the market monthly.

Ripple (XRP) price today

According to a live update from CoinMarketCap, the price of XRP today stands at $0.5. This represents a 0.17% drop in its price over the last day. What’s more, XRP has a 24-hour trading volume of $797,887,816 ($797.8 million). Ultimately, XRP is ranked #5 on the global crypto market chart with a live market cap of $26,583,940,871 ($26 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.