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- In the past 24 hours, a total of approximately 294.3 million XRP transactions had taken place.
- There was this particular unusual transaction. Ripple transferred 800 million XRP worth approximately $162,400,000 to an anonymous wallet.
- Previously, on June 1 Ripple withdrew 1 billion XRP from its escrow before putting the 800 million XRP back.
In the past 24 hours many XRP transactions have taken place, the average transactions ranging from 10 million XRP to 50 million XRP. A total of approximately 294.3 million XRP transactions had taken place. XRP is the fourth largest cryptocurrency in terms of market capitalization.
The Details of an Unusual Transfer by XRP
Despite the fact that heavy transactions take place daily, they have been successful in maintaining stability in the market. But there was this particular unusual transaction. Ripple transferred 800 million XRP worth approximately $162,400,000 to an anonymous wallet. The distribution of the heavy amount took place in four phases, to four different batches. Let’s take a quick look at them:
- First phase: The first transfer noticed on 8th June 2020 at around 22:55:21 UTC. A total of 200 million XRP worth $40,557,899 were transferred to an anonymous organization.
- Second phase: The second movement was similar to the first batch. Further, again 200 million XRP were transferred from Ripple OTC Distribution, at around 22:57:00 UTC on 8th June 2020, obviously to an unknown wallet.
- Third phase: The third batch was also a transfer of 200 million XRP from the Ripple distribution at around 22:58:11 UTC, 8th June 2020 to a different unknown wallet.
- Fourth phase: Like the other three batches, the fourth batch was also a transaction of 200 million XRP at around 22:59:30 UTC on the same date, to another different entity.
The Suspicion on Ripple Over Escrows
Ripple is a crypto exchange that claims to be the fastest and most scalable asset in the digital world enabling the users for global payment from anywhere and anytime in the world. According to many crypto analysts, Ripple is suspected of escrows. Escrows are agreements or to some extent contracts where a third party organization receives and disburses money or property for the party undergoing transactions and utilizes them in a rightful manner.
Well, this is not the first time that Ripple is suspected of an escrow. Previously, on June 1, Ripple withdrew 1 billion XRP from its escrow before putting the 800 million XRP back. However, two years ago Ripple had activated around forty escrow wallets under the nickname of RL 18 VN. Consequently, Ripple moved a total of 400 million XRP splitting them into 200 million XRP into two wallets.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
