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Ripple allocates 100 million XRP and continuously sends tokens to the Huobi exchange

A little over six hours ago, Ripple transferred a whopping 100 million XRP to the well-known RL18 VN address. This wallet address is widely used to transfer tokens from Ripple to customers, partners and crypto exchanges.

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According to Tracker Bithomp, these tokens will likely be broken down into smaller quantities and sent to Huobi on a daily basis. 100 million XRP equals $ 92,000,000 at current prices of $ 0.92. Huobi received XRP from Ripple in the wallet r37SFX6FZsxiJGxLrWCdCHm2Cub4jKcxhz. Also, since September 27th to date, Ripple has transferred 1,542,780 XRPs to the Huobi exchange.

The source: Bithomp

Before September 27, the daily amount of XRP sent to Huobi was 3,099,200 tokens. Earlier this year, Ripple repeatedly sent large amounts of XRP to Huobi, but the blockchain giant has never clarified the purpose of those transfers.

Previously, the two largest cryptocurrency exchanges in the world, Binance and Huobi – as well as other exchanges in China – were under heavy regulatory pressure from the country’s government. First, Huobi has suspended registration for new users from mainland China and plans to gradually ban it. Binance has also banned new users from opening accounts and is about to stop offering services to customers in Singapore due to regulatory pressure.

The reason, as Elon Musk revealed, could be that Bitcoin and other cryptocurrencies are threatening the power of the Chinese Communist Party. Meanwhile, famous investor and author of the book “Rich Dad, Poor Dad” Robert Kiyosaki believes China imposed the ban simply because it is about to launch its own CBDC, also known as DC / EP.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.