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Whale alert, an account that tracks on-chain settlement for coins recently traced the movement of XRP tokens from Ripple Escrow Wallet to Ripple.

Ripple Escrow Wallet regularly releases portions of large XRP tokens to Ripple Labs and this time it transferred XRP tokens valued at $38.1 million. Reported by Whale Alert, the Ripple Escrow wallet reportedly transferred 200,000,000 XRP tokens equivalent to 38,116,032 USD to Ripple. The movement of funds happened on December 31, 2019, at 21:53:20 UTC. More so, Whale Alert identified the wallet addresses as rKDvgGUsNPZxsgmoemfrgXPS2Not4co2op and rBg2FuZT91C52Nny68houguJ4vt5x1o91m. Also, the transaction costs a fee of 0.0005 XRP.

Although, it remained unclear what Ripple’s forthcoming plans are, yet, crypto community members sound skeptical by looking at the series of whales movement.

The transfer of XRP tokens comes in a wake of successful completion of the Series C funding round. Notably, the blockchain-based payments firm Ripple has raised as much as $200 million in a Series-C funding round led by notable investors like Tetragon, with the participation of Japan’s SBI Holdings and VC firm Route 66 Ventures.

As for whales transfer, the Whale Alert reported yet another transaction which was account for 64,000,000 XRP. It was traced that the Bithumb crypto exchange transferred 64,000,000 XRP (equivalent to 12,477,863 USD) to an unknown wallet.

However, remarking on the series of whale movements, Mati Greenspan, the former senior analyst at crypto and asset exchange eToro said ‘XRP’s tokenomics contains two issues;

  • Ripple holding a large portion of tokens and selling into the rallies. The usage of the network does not necessarily require XRP tokens. Banks can use Ripplenet w/o ever touching the token.
  • Despite the company’s effort to invest a major portion of XRP in startups and budding blockchain projects to bolster the XRP ecosystem, the token remained in a state of decline. At the time of reporting this, XRP is trading at the value of $0.19 against USD. It has quietly gained 0.21 percent within the past 24Hrs and counts for a market capitalization of $8,384,478,146.
Image Source – Flickr / Beating Betting 
 
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