It was recently shared that six major XRP warehouses have been moved by Ripple, Binance, Huobi and other major cryptocurrency exchanges. These transfers were uncovered by the popular service Whale Alert, which tracks major cryptocurrency transfers. Details were published on the Bithomp site, which provides analysis about XRP transactions and wallets. Meanwhile, the new largest cryptocurrency is on the decline and has slumped as low as $1.08.
204. 7 million Ripple (XRP), on the move
According to Whale Alert, the amount of XRP worth $225,171,272 has been transferred by Ripple, Binance, Bitstamp, Huobi, Bitfinex, Upbit, Bittrex and Bybit. Ripple transferred 40 million XRP to the address RL18-VN, which is used to move the cryptocurrency outside the company, to its partners, crypto exchanges and financial institutions.
This wallet is also used to sell XRP to acquire fiat to cover Ripple’s operational expenses. The largest amount moved was carried internally by the Bybit exchange. The platform transferred a massive amount of 83,220,460 XRP, which equates to $94,226,820.
XRP has started to recover, but has been on the decline
As we reported earlier today, XRP was reported to have dropped more than 10 percent after Coinbase exchange rejected rumors about the resumption of XRP trading. Prior to that, on-chain analytics provider Santiment tweeted that the increase in XRP address activity had begun to boost the coin by as much as 10 percent.
However, the coin dropped from $1.24 to $1.09, depreciating almost 12 percent. Now, the coin is trading sideways and making recovery attempts. Currently, XRP has been surpassed by Solana (SOL), which traded at $184 at the time of writing and broke records repeatedly over the past days.
XRP ranks seventh with a market cap of $51 billion, while Solana is in sixth place with $53 billion. Coinbase suspended trading of XRP double-dollarser in January this year after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its two top executives, Chris Larsen (co-founder and former CEO) and Brad Garlinghouse (current CEO). .