2024

Read

<div class="cryptonews">
 <p class="is-style-lead">Ripple Labs recently <a rel="noopener noreferrer nofollow" title="transfer" href="https://thebittimes.com/tag/transfer.html">transfer</a>red a substantial amount of its cryptocurrency, with a total of 27.7 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> XRP, valued at roughly $14.4 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, to Bitstamp.&nbsp;</p>
 <p>According to the data from Whale Alert, the <a rel="noopener noreferrer nofollow" title="transfer" href="https://thebittimes.com/tag/transfer.html">transfer</a> originated from a wallet not immediately identifiable. However, Bithomb Explorer’s deeper <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> indicated that the wallet is linked to Ripple Labs, with a transaction history dating back to February 2022. This wallet has demonstrated consistent outflows, suggesting it’s a primary channel for Ripple Labs to manage its financial assets.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">27,700,000 #XRP (14,482,315 USD) <a rel="noopener noreferrer nofollow" title="transfer" href="https://thebittimes.com/tag/transfer.html">transfer</a>red from unknown wallet to #Bitstamphttps://t.co/JmHPN5e6CS</p>— Whale Alert (@whale_alert) January 28, 2024
   </blockquote>
  </div>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Tether minted another $1b USDT on Tron, here’s why
 </div>
 <p>Such large-scale <a rel="noopener noreferrer nofollow" title="transfer" href="https://thebittimes.com/tag/transfer.html">transfer</a>s are not unusual for Ripple Labs, particularly in light of its monthly escrow releases. The monthly escrow is in place to create certainty of XRP supply at any given time and to mitigate concerns about unloading substantial XRP holdings onto the market in an uncontrolled manner, which could potentially destabilize the market price. Each month, a total of one billion XRP is released from escrow. This provides a predictable supply to the market and Ripple itself.</p>
 <p>While the exact purpose of these smaller transactions remains unconfirmed, it’s speculated that the coins may be aimed at enhancing operational liquidity. The transfer also hasn’t notably impacted the market sentiment, as XRP’s market performance today has been positive. The altcoin has experienced a 1% increase in value, alongside a significant 83% surge in trading volume over the last 24 hours.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance Labs distances from SkyArk Chronicles’ latest funding round
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-labs-transfers-27-7-million-xrp-tokens-to-bitstamp-tbt78152.html">https://thebittimes.com/ripple-labs-transfers-27-7-million-xrp-tokens-to-bitstamp-tbt78152.html</a></p>

Ripple Labs transfers 27.7 million XRP tokens to Bitstamp

TheBitTimes

Other articles published on Jan 29, 2024

New Hampshire Primary and AI: A New Era of Election Influence

State of new Bitcoin holders as BTC faces resistance at $43K

tea Protocol Announces Incentivized Testnet Launch, Setting a New Paradigm in Open-Source Software

Chainlink and Solana prices bullish, Meme Moguls expands in presale

‘Less greedy, more long-term’ – Here’s the key to $9 trillion crypto market cap

Bitcoin Miner GRIID to Resume Trading on Nasdaq

Join our free newsletter for daily crypto updates!