XRP’s Big Move: Three Transactions Amounting to $512 Million Recorded

DUBAI, UAE – As of writing, a Whale Alert crypto tracking software detected three major Ripple transactions that totalled a whopping 512 million XRP. Whale Alert also tagged these transactions as “unknown” entities. Although this was the case, Bithomp, a data platform more dedicated to Ripple transactions, has detected that these three transactions’ recipient was the crypto exchange called Uphold, which transferred the said funds internally.

You might be wondering where these funds were placed after the transactions. Reports found out that the smallest chunk of these three – 50 million XRP – was moved to RL18-VN, Ripple’s reserve wallet. Reports also stated that Ripple transferred these funds to charities, financial institutions, and exchanges.

The other two major transactions – 226 million and 235 million Ripple coins – amounted to almost $370 million.

Meanwhile, Brad Garlinghouse, Ripple’s CEO, criticises the so-called crypto tribalism. Ripple has been making headlines since its lawsuit battle with the Securities and Exchange Commission. The CEO said that Ripple was just used as a scapegoat in SEC’s attempt to gain more control over the decentralised crypto market.

XRP’s Big Move- Three Transactions Amounting to $512 Million Recorded
Multiple Bitcoin and other coins stacked together on top of a platform

Garlinghouse also holds ETH and BTC aside from Ripple. Being one of Yahoo’s former executives, he said that he has seen in the past how companies can co-exist peacefully, which left him quite surprised at the lack of communication and coordination between cryptocurrency leaders. This reason is also one of the factors why he theorises that the SEC is on to something, which is to have a stricter implementation of guidelines and rules on the crypto market.

XRP’s Big Move- Three Transactions Amounting to $512 Million Recorded
A Bitcoin and a chart with an upward trend together.

Buyers, enthusiasts, and investors continue to watch Ripple’s performance in the market. With all these things happening involving XRP, it sure is making noise and could build momentum up to gain a bullish trend in the future. Stay tuned for more information!

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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