XRP: A recent tweet from Whale Alert, a group that watches big cryptocurrency moves, reported that they found an unknown transaction just under 20 hours ago.
This mysterious move sent tens of millions of XRP to the Bitstamp crypto trading site.
Recently, the price of XRP tried to go back up after it dropped earlier this week.
Mysterious whale sends almost 30 million XRP to Bitstamp
27,950,000 XRP were sent to Bitstamp, according to the cryptocurrency tracker mentioned. This amount is equal to $14,741,183 in regular money.
In the online discussion, people interested in digital currencies thought that a hidden big investor planned to sell a lot of XRP coins. But, some people noticed that the company Ripple Labs was actually behind this big transfer of XRP. In fact, information from a website called Bithomp that tracks XRP transactions revealed that Ripple owned the account that moved the XRP to Bitstamp, a trading platform.
This deal might have to do with “Ripple Payments.” It’s a service that uses RippleNet and XRP to send money quickly and cheaply around the world. Before last autumn, it was known as On-Demand Liquidity (ODL) but changed its name to draw in more people.
Bitstamp has been working with Ripple for a long time to help with its payment service.
Ripple announces historic acquisition
On Feb. 13, Ripple said it would buy a cryptocurrency asset platform called Standard Custody & Trust Company. This move shows Ripple’s commitment to follow the rules. It will help the big fintech company improve its current products and create new ones.
Ripple already has around 40 licenses for transferring money in the U.S., including a special New York BitLicense. It also has a license from Singapore’s financial authority and one from the Bank of Ireland. The recent purchase will give Ripple even more licenses. At the same time, banks and financial companies around the world are starting to use more cryptocurrency from platforms that follow the rules.
Ripple and Standard Custody will now let businesses turn assets into digital tokens and manage them, says a recent announcement from Ripple. Ripple’s president, Monica Long, mentioned that buying other companies will make their crypto services even better.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
