Users concerned as Ripple transfers 240 million XRP

09 Jun, 2019
by Richard Allen
News
Users concerned as Ripple transfers 240 million XRP

XRP's relatively stable price over the last few weeks, even as other coins have taken a hit, has gone largely unnoticed, likely as a result of some huge transactions taking place using XRP, AMBCryto reports.

Whale Alert, a Twitter bot that tracks large crypto transactions noted several particularly noteworthy transactions taking place on June 7 and 8. Three particularly large XRP transactions were recorded. The first saw 20 million XRP, valued at around $8.4 million, transferred from Ripple’s exchange wallet to an unknown wallet.

The following are the transaction details:

As AMBCrypto reports, the receiver's address received the same amount from the exchange before and was likely being used to transfer funds to other addresses.

The bot picked up another transfer for the same amount seconds after the first one, this time the receiver was identified as belonging to wallet XRP 11. This address is used to transfer XRP to other exchanges like Huobi, HitBTC and Digifinex. While its entirely possible the address belongs to Ripple, many in the community are concerned about the large transfers.

One user asked if someone is buying XRP or Ripple to flood the market:

The concerns were heightened after the bot picked up another transfer taking place several hours ago. This time, however, it was for 200 million XRP, valued at around $82 million, to Ripple’s escrow wallet.

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Read more about: Ripple (XRP)

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