Whale alert (on-chain analytics that monitors cryptocurrency transactions) have revealed that 255 million XRP moved was moved to Bitstamp exchange within the past 14 hours. However, XRP’s parent company, Ripple, is continuing its efforts in improving the coin’s liquidity by sending XRP to the Huobi trading platform.
255 Million XRP Moved In 14 Hours
Whale alert further revealed that the owner of the wallet that made the transfer couldn’t be identified. But it can confirm through the XRP analytics service, Bithomp, that the uphold exchange facilitated the transfer. The 255 million XRP is worth about $178 million based on the current exchange rate.
Whale alert announcement. Source: Twitter
XRP parent partner, Ripple, has been sending XRP to Seychelles-based Huobi exchange as part of an arrangement to enhance XRP exposure in that region. As widely reported in various media outlets, Ripple often sends between 1.5 million and 8 million XRP to Huobi every day.
In the last seventy hours alone, Ripple has transferred 5,400,000 XRP to the exchange in three separate transfers. As of ten days ago, Ripple was transferring up to 1,600,000 XRP every day to Huobi and even sent 8 million XRP on a particular day.
Jed McCaleb Receives 183 Million XRP
Aside from sending XRP to Huobi, Ripple has also been sending large sums of XRP to its former chief technical officer and co-founder, Jed McCaleb. On the first day of this month, McCaleb received about 183 million into his “tacostand” digital wallet.
Mccaleb continues to receive large XRP amounts as part of a compensation agreement he had with the company following a fallout with co-founder Christopher Larsen over Ripple’s future direction. Last month, Ripple sent about 292 million XRP to him. But he usually sells the majority of its XRP tokens. Last month he sold 150 million XRP, and in May 2021, he sold 455 million XRP.
The Ripple ecosystem believes McCaleb should run out of XRP to sell by September of this year. Traders are also worried that XRP price might decline sharply since McCaleb is known for selling XRP in huge quantities. But that would depend on whether Ripple will still be sending XRP to him after that time.
While XRP price rose slightly after the sec vs. Ripple court case update, it declined back to its rangebound within few hours. As of this writing, Coinmarketcap data reveal that XRP is trading at about $0.71.
XRP Credit Card Now Available
Two e-payment giants, Uphold and GlobalID, have revealed the launch of an XRP card that provides up to 4% XRP cashback. Apart from the cashback, users can also spend in any digital currencies or fiat with the card.
The uphold-powered digital wallet also offers opportunities for users to earn XRP rewards passively. As of the launch date, only users can access the cashback rewards. Those who spend up to $11,000 in their first three months of holding the card will be eligible for the $4 XRP cashback.