XRP Whales Transfer 313 Million XRP In Single Fell Swoop

Whale Alert, a cryptocurrency whale tracking service, reports that enormous XRP whales have transacted 313 million Ripple in a single transaction. In the most recent hours, 313,218,266 Ripple worth $148,102,802 were transferred between wallets, according to Whale Alert.

The cryptocurrency exchange Bitstamp transferred 40,614,705 Ripple worth $19,293,636 to an unidentified wallet on October 29. Another $30,000,000 worth of XRP was sent from an unidentified wallet to Bitstamp.

Regarding Ripple migration, Ripple reports in its Q3 2022 report that, in accordance with earlier quarters and the official escrow agreement, three billion XRP were released out of escrow at a rate of one billion per month. A total of 2.1 billion Ripple were returned during the quarter and then added to fresh escrow contracts.

Ripple provides a critical update on the total quantity of XRP stored across all

It mentions that for the first time, less than 50 billion Ripple , or 50% of the total supply, are held in Ripple wallets. Given that Ripple now manages four of Ripple’s more than 130 validator nodes, this makes logical.

Although this is inaccurate, critics have asserted that the company’s ownership of Ripple is evidence that Ripple controls Ripple Ledger. Each validator node on the XRP Ledger (XRPL), which employs a Federated Byzantine Consensus to validate transactions, receives one vote regardless of how much Ripple they own. The Blockchain Association has asked to submit an amicus brief in the ongoing Ripple lawsuit, advocating a fair application of Howey in the SEC’s two-year legal battle against Ripple.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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