Over $755 Million XRP Moved by Whales through 7 Transactions
Despite the nightmare of the 2018 cryptocurrency market is finally over, massive big amount XRP transactions over the past few days make crypto investors continue to hold their breath, fears of XRP whales would manipulate the market exists on the first day of 2019.
It was reported that, more than $755 million worth of XRP was transferred between Ripple’s OTC (Over-the-Counter) Distribution wallets, Ripple’s escrow accounts, and unknown wallets.
The movement was first brought to notice by Twitter account Whale Alert that around 90 million Ripple tokens were moved between two unknown wallets on December 27. The total transformed XRP worth around $30 million with an extremely low transaction fee of 0.005 XRP.
🚨 🚨 🚨 90,000,000 #XRP (33,493,911 USD) transferred from Unknown wallet to Unknown wallet
— Whale Alert (@whale_alert) December 27, 2018
A few days later, total amount of a massive 2.134 billion XRP tokens were moved through 7 transactions.
The first movement took place on January 1st, over 1.1 billion XRP was transformed from an unknown wallet to Ripple OTC Distribution wallet with a transaction fee of 0.0005 XRP. The total XRP hoarded in the receiving account reaches 4.516 billion, which accounts for over 4.5% of the total XRP supply and more than 10% of the total XRP in circulating.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,108,302,304 #XRP (392,781,994 USD) transferred from Unknown wallet to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) January 1, 2019
After that, six other big XRP transactions occurred one after the other within two days.
The funds were mainly moved to Ripple-owned escrow wallets and OTC wallets. Some sources believe that the transactions moved to escrow wallets is mainly due to the expiration and creation of escrow contract.
Meanwhile, as the OTC wallets are mainly used to sell to private investors, that means a group of institutions or large investors have transferred and purchased the fund over the past few days. Many speculate that some huge partnerships will be announced in the near future.
According to Coinmarketcap, Ripple is ranked in 3rd position, currently trading around the $0.36 price level. Frequent large amount transactions may bring more uncertainty to the market.