It was recently shared that six major XRP warehouses have been moved by Ripple, Binance, Huobi and other major cryptocurrency exchanges. These transfers were uncovered by the popular service Whale Alert, which tracks major cryptocurrency transfers. Details were published on the Bithomp site, which provides analysis about XRP transactions and wallets. Meanwhile, the seventh-largest cryptocurrency is bearish and slumped as low as $1.08.
204.7 million Ripple (XRP), on the move
According to Whale Alert, the amount of XRP worth $225,171,272 was transferred by Ripple, Binance, Bitstamp, Huobi, Bitfinex, Upbit, Bittrex and Bybit. Ripple transferred 40 million XRP to the address RL18-VN, which is used to move the cryptocurrency outside the company, to its partners, crypto exchanges and financial institutions.
This wallet is also used to sell XRP to acquire fiat to cover Ripple's operational expenses. The largest amount moved was carried internally by the Bybit exchange. The platform transferred 83,220,460 XRP, which is a huge amount, which equates to $94,226,820.
Although XRP is starting to recover, it has been on the decline.
Earlier today, XRP was reported to have dropped over 10 percent after the Coinbase exchange denied rumors about the resumption of XRP trading. Prior to that, on-chain analytics provider Santiment tweeted that the increase in XRP address activity had started to boost the coin by as much as 10 percent.
However, the coin dropped from $1.24 to $1.09 and slumped almost 12 percent. Now, the coin is trading sideways and making recovery attempts. Currently, XRP has been surpassed by Solana (SOL), which traded at $184 at the time of writing and broke records repeatedly over the past days.
XRP is in seventh place with a market capitalization of $51 billion, while Solana is in sixth place with $53 billion. Coinbase suspended trading of XRP pairs in January this year after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its two top executives, Chris Larsen (co-founder and former CEO) and Brad Garlinghouse (current CEO). .
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