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200 million XRP to an OTC wallet
200 million XRP to an OTC wallet
Crypto

200 million XRP to an OTC wallet

By Alfredo de Candia - 29 May 2019

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A few hours ago, a million-dollar transaction of 200 million Ripple (XRP) worth about $89 million was recorded, with the destination being a Ripple wallet dedicated to OTC (Over-the-Counter) trading:

200 million xrp otc wallet

By checking the source address we can see that these XRP have been moved from one of Ripple’s security funds to another address, also of Ripple, dedicated to OTC.

The main purpose of this transaction is to be in a position to send large quantities of XRP without these affecting the price in general. Yet, as shown in the graph, there has been an increase in the value of the crypto over this period of time:

200 million xrp otc wallet

It is not excluded that the Ripple movement is related to the general trend of the entire crypto market

In fact, even if the transaction is directed to an OTC address, this does not mean that it does not affect the market.

To meet market demand it would appear that another 1 billion XRP transaction will take place on June 1st:

200 million xrp otc wallet

The detractors, of course, see it as a dump manoeuvre of the currency and thus as a strategy to keep the price artificially low.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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