XRP Whale is moving 255 million XRP in a single lump to Bitstamp

Whale Alert (on-chain analysis that monitors cryptocurrency transactions) has revealed that 255 million XRPs have been moved to the Bitstamp exchange in the last 14 hours. However, XRP’s parent company, Ripple, is continuing its efforts to improve the coin’s liquidity by sending XRP to the Huobi trading platform.

255 million XRP moved in 14 hours

The whale alert also revealed that the owner of the wallet that made the transfer could not be identified. But it can confirm through the XRP analysis service Bithomp that the Uphold exchange made the transfer easier. The 255 million XRP is valued at approximately $ 178 million based on the current exchange rate.

Announcement of a whale alert. Source: Twitter

XRP parent partner Ripple has sent XRP to the Seychelles-based Huobi exchange as part of an agreement to improve XRP exposure in this region. As widely reported in various media outlets, Ripple sends between 1.5 million and 8 million XRP to Huobi every day.

In the past seventy hours alone, Ripple has transferred 5,400,000 XRP to the exchange in three separate transfers. Up until ten days ago, Ripple sent up to 1,600,000 XRP to Huobi every day, and even sent 8 million XRP on a given day.

Jed McCaleb receives 183 million XRP

In addition to shipping XRP to Huobi, Ripple has also sent large sums of XRP to its former chief technical officer and co-founder, Jed McCaleb. On the first day of this month, McCaleb received approximately $ 183 million in his “Tacostand” digital wallet.

Mccaleb continues to receive large amounts of XRP under a compensation agreement he entered into with the company after a dispute with co-founder Christopher Larsen over Ripple’s future direction. Last month, Ripple sent him around 292 million XRP. But he usually sells the majority of his XRP tokens. Last month he sold 150 million XRP and in May 2021 he sold 455 million XRP.

The Ripple ecosystem believes McCaleb shouldn’t have any more XRP for sale by September this year. Traders are also concerned that the price of XRP could drop sharply as McCaleb is known for selling XRP in bulk. But that would depend on whether Ripple still sends him XRP after this time.

While the XRP price rose slightly after the update of the sec vs. Ripple legal proceedings, it fell back to its range within a few hours. As of this writing, data from Coinmarketcap shows that XRP is trading at around $ 0.71.

XRP credit card now available

Two e-payment giants, Uphold and GlobalID, have announced the launch of an XRP card that offers up to 4% XRP cashback. Aside from cashback, users can also use the card to spend in any digital currency or fiat.

The digital wallet operated by Uphold also offers users the option to passively earn XRP rewards. As of the start date, only users can access the cashback rewards. Those who spend up to $ 11,000 in the first three months after owning the card are eligible for $ 4 XRP cashback.

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