Traders are following a large crypto movement from Ripple, which sent 50 million XRP from one of its wallets to a separate wallet of unknown origin.
Ripple routinely moves a billion XRP in and out of escrow every month, making the money available to sell to third parties.
This recent transfer sent XRP of a well-known financing portfolio owned by the start-up payments to an anonymous wallet, indicating that the movement may be Ripple selling some of its holdings or funding an initiative through its development department Xpring. The cost of the transaction was less than a cent.
50,000,000 #XRP (9,794,253 USD) transferred from Funding Wallet 1 to unknown wallet
– Whale Alert (@whale_alert) May 21, 2020
Xpring has committed $ 500 million in XRP to more than 20 blockchain-related companies in an effort to boost the crypto ecosystem.
Ripple, which owns more than half of all existing XRP, has cut sales of the digital asset in recent months. In its latest XRP Markets Report, the company reported selling $ 1.75 million to XRP in the first quarter of this year. In the previous quarter, Ripple sold $ 13.08 million to XRP.
In the second quarter of 2019, Ripple changed to a more conservative volume benchmark for XRP sales away from CoinMarketCap and to CryptoCompare Top Tier (CCTT) and significantly decreased XRP sales. In Q3 2019 and Q4 2019, Ripple further reduced XRP sales and interrupted programmatic sales. Ripple has maintained this approach throughout the first quarter of 2020. ”
The recent transfer of XRP 50 million is one of the few to kick-start payments in May.
The company also sent XRP 55 million to its co-founder Jed McCaleb on May 1 as part of a settlement between the two parties.