Thursday, September 29, 2022
HomeBTCRipple transfers one billion XRP to anonymous wallets

Ripple transfers one billion XRP to anonymous wallets

As the first day of another month approaches, Ripple’s fintech heavyweight has released one billion XRP coins from escrow, according to Whale Alert. However, the majority of this cryptocurrency will be locked back in. Approximately 200 million XRP will be added to the amount of this Ripple-affiliated cryptocurrency that can be bought and sold.

The XRP was released in two batches of 500 million XRP each, for a total of around $780,000,000. When these huge XRP releases began, several members of the XRP army were concerned that they would keep the token’s price low. A petition has been made on Change.org to urge Ripple to stop such frequent coin transfers. However, as time went by, it became clear that Ripple Labs’ activities had no impact on the price.

Whale Alert also said that 222,000,000 XRP was moved through a lot of “unknown” wallets and a lot of crypto exchanges. Such types of transactions are common in the crypto industry and are mainly used for speculation on particular scripts.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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