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Recently a transfer of 50 million XRP has been tracked and reported by a blockchain platform works of tracking huge transactions across networks. American Tech company Ripple Labs developed the exchange network and payment protocol named Ripple itself. It is being used for various operations, including payment settlement, remittance systems, asset exchange, etc. Ripple Network has its native cryptocurrency token XRP.
Recently a transaction has been detected on the network. The unusual thing about the transaction is the transfer of a massive amount of approx 50 million XRP, which turned out to be the reason to get attention. A blockchain platform, which works to track down this type of huge transaction, reported about the current event. The report stated that this shifting of XRP tokens happened on 1 February.
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Reports about the recent transaction further detailed that the receiver wallet address was titled ‘untitled’. But according to the data provided by Bithomp explained, the fund moved by Ripple network to its different wallet that is RL18-VN. Bithomp is a block explorer currently used by XRP Community, which also provides a way to manage XRP addresses in offline mode through a browser.
Bithomp further said that the recent receiver Ripple address often gets used to shift XRP outside the company. This includes financial institutions and exchanges, also ODL corridors such as Bitstamp, Coins.ph, crypto unicorn Bitso, Bithumb, etc.
Prior to the current news broke out of the 50 million XRP shift, the company had reported to lock 800 million coins back to escrow.
Ripple network is usually in the news for various issues. It’s most prominent and highlighted reason is a lawsuit filed against the network by none other than the Security and Exchange Commission of the US. The case is under process, and a hearing is going on in court. Many experts and observers following the case since its start are considering its closing by the end of April this year.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
