Traders are tracking 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 one billion XRP in and out of escrow each month, making the funds available to sell to third-parties.
This recent transfer sent XRP from a known funding wallet owned by the payments startup to an anonymous wallet, indicating the movement may be Ripple selling some of its holdings or funding an initiative through its development arm Xpring. The cost of the transaction was less than a penny.
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 XRP in existence, has reduced its