Whale Alert platform, which tracks large crypto transactions, has detected two large XRP transfers, one of them made by San Francisco-based blockchain company Ripple Labs led by Brad Garlinghouse.
The tracker also spotted another large XRP transfer made to the Bitstamp exchange. Analytics data shows that this was also sent by Ripple. XRP is currently trading at $0.4732 after a 2% decline overnight and a 5.75% decline over the past week, according to CoinMarketCap.
Ripple moves 132 million XRP, community reacts
According to data provided by Whale Alert, 100,000,000 XRP were moved by Ripple to an anonymous address. Details provided by Bithomp (an XRP-focused platform) show that these 100 million coins were hit to another wallet belonging to Ripple and then sent to another blockchain address of the same company.
In the comment thread, many members of the XRP community expressed their concern about the nature of such a large crypto transfer.
One ex-user wrote, “Do I smell slum????” Another user responded, “No, you smell like selling out.” Account owner @EvanLeeDyer noted that XRP is now trading at the price level it was at before Ripple’s victory in court over the SEC.
The second XRP transaction was made by Ripple Bitstamp Exchange – 32,000,000 XRP, Earlier this week, two similarly sized XRP transactions were also observed, moving XRP from Ripple to Bitstamp. Several similar transfers were also made by Ripple over the past few weeks, leading to a little less/more than 30 million XRP on the above exchange. Thus, in total, within the last 24 hours, the Ripple heavyweight has moved 132,000,000 XRP.
XRP sees money flows from whales despite negative market sentiment
According to CoinShares’ most recent weekly report, XRP and products based on it have seen inflows of $0.7 million from institutional investors.
The same figure has emerged in the form of money flow in the last month. For investments made in XRP since the beginning of the year, the figure is $14 million. In total, CoinShares has $58 million worth of XRP under management.
According to the same report, Bitcoin has seen the largest outflow of institutional funds – $68.9 million in the past week, and $72.4 million withdrawn from BTC in the past month. Ethereum follows with a weekly outflow of $4.8 million. The champion that has attracted the most investment here is short Bitcoin; Within the last week, $15.2 million has been invested in it and products based on this property have been created.
Given the amount of cash invested in XRP, financial institutions are still viewing it as a promising asset in the long term.