The post Ripple Transferred 150 Million XRP From Reserves appeared on BitcoinEthereumNews.com.

Concerns built up among XRP investors as Ripple transferred another 150 million XRP from its reserves, causing a 6% price drop.  In the last 24 hours, a total of 410,239,560 XRP ($213 million) has been transferred to and from multiple exchanges with the likes of Ripple, Binance, Coincheck, Bitstamp, and Bitso involved.  Ripple Labs grabs headlines once again after transferring a whopping 150 million XRP ($78 million) from its reserves, igniting existing concerns amongst investors.  On June 1, the blockchain company embarked on a similar initiative, releasing 1 billion XRP from its initial distribution.  After this unexpected transfer, 200 million XRP ($104.1 million) was sent to Ripple’s treasury account (Ripple 1) from the Ripple 24 wallet. On the same day, another 200 million XRP was sent from the dormant wallet (Ripple 35) to the Ripple 1 account, bringing the total to 400 million XRP. According to Bithomp, a reserve of 250 million XRP is now held by Ripple.  The recent offloading of 150 million XRP to an external destination suggests a cashout transaction with more outbound XRP transactions from unidentified wallets expected in the next few days.  Our research also discloses that Ripple is not the only entity facilitating significant XRP transfers. According to Whale Alert, a Binance wallet transferred 26,284,136 XRP ($13.75 million) to an unknown wallet on June 7, at 07:00 UTC, a day after Crypto News Flash reported that 218 coins had been shuffled in just 24 hours. 🚨 🚨 🚨 🚨 150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm — Whale Alert (@whale_alert) June 7, 2024 After this movement, another 25.42 million XRP was transferred from Binance to an anonymous address. On top of that, XRP worth $14 million was transferred from the exchange to an undisclosed destination.  Significant XRP Movement Occurs on Other…

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Filed under: News - @ June 10, 2024 9:16 am