Alleged Ripple whale causes a stir with transaction of 50 million XRP

  • An alleged Ripple Whale caused a stir yesterday when he sent nearly 50 million XRP from an unknown wallet to Bitstamp.
  • However, the rumors about a possible liquidation and a dump of the XRP price have not been confirmed.

The Twitter account Whale Alert observed once again a huge XRP transaction yesterday. An XRP whale sent nearly 50 million XRP tokens (49,999,995 XRP) from an unknown address to the Luxembourg based cryptocurrency exchange Bitstamp. The XRP tokens were worth over $11.5 million at the current trading price. The sender’s address now contains only 25 XRP, probably to keep the XRP account active.

The transaction provoked numerous negative comments and caused a lot of attention. Most expected a sell-off and a fall in the XRP price. Some said that they were ready to “buy the dip”. The reactions were not surprising at all, but rather just dismayed at the likelihood of another sell-off.

As Whale Alert recorded, the relevant XRP were transferred from an unknown wallet. However, data from XRP Explorer Bithomp indicates that the wallet belongs to the crypto-custody service provider BitGo. BitGo had announced in early October 2019 that it will take over the secure storage of the cryptocurrencies managed by Bitstamp. At that time Bitstamp declared:

The security of our clients’ funds is always a top priority for Bitstamp. With BitGo Custody, Bitstamp’s assets are 100% secured by cold storage technology in banking-grade Class III vaults and protected by BitGo’s $100 million (USD) insurance policy.

Thus the all-clear can be given against a possible “dump” of XRP. The fact that the wallet belongs to BitGo suggests that the transaction is a routine relocation of assets. In addition to the Bitstamp transaction, the XRPL Monitor recorded two other large transactions yesterday, amounting roughly to 15 and 30 million XRP, respectively.

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The transaction of the 15 million XRP worth around $3.5 million was sent from the crypto exchange Binance to another wallet activated by BitGo. In addition, the 20.5 million XRP worth $4.8 million could be allocated to two internal wallets of the South Korean exchange Coinone.

XRP price on the rise

The third largest cryptocurrency by market capitalization has not suffered from yesterday’s rumors. Over the past 24 hours, the XRP price has risen by around 2.3% to USD 0.2391. Within the last 30 days the XRP price has been bullish and has gained about 21%.

However, the increase is probably due to the bullish sentiment on the crypto market. Other top cryptocurrencies have seen significantly higher gains: Bitcoin (+26%), Ethereum (+31%), Bitcoin Cash (+82%), EOS (+50%), Litecoin (+40%) and Cardano (+62%).

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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