HomeCryptoAltcoinA $40 million transaction in XRP

A $40 million transaction in XRP

The cryptocurrency market, already shaken by heavy declines on all major cryptocurrencies, in the last few hours also had to deal with an unexpected sale of 40 million Ripple by an unknown trader. According to initial rumors in the account from which the transition was made, there would be about 520 million dollars of Ripple.

The price of XRP after the maxi transaction

In the same hours, it seems that another $50 million transition of XRP on Binance also took place. For the moment, the cryptocurrency would not seem too affected by these monstrous transactions. Its price is hovering around $0.6, after losing about 20% in the last three days. 

It’s hard to understand the meaning of such transactions on an asset that has been in the spotlight of the crypto market for a long time. But after the first hours of understandable uncertainty and doubts about the stock itself, traders seem to have absorbed the blow.

Interestingly, back in November, the whale alert account, which monitors large cryptocurrency fund transfers, had recorded a transfer for the same amount from an unknown wallet to a Bitstamp wallet.

“40,000,000 XRP transferred from unknown wallet to Bitstamp, the sending address for this transaction has been inactive since 2013 until 2 days ago and is linked to one of the genesis addresses”,

wrote Whale Alert.

In December, a transfer of $76 million from a Ripple account to an unknown wallet was recorded in one hour.

In July, the co-founder of the company Jed McCaleb had sold 150 million XRP, equal to about $90 million. 

XRP price
The price of XRP was not affected by the maxi transactions

Ripple and the lawsuit with the SEC

Ripple, a company founded in 2013 to facilitate transactions between currencies without the need for intermediaries, is considered by many as one of the most interesting projects for its uses in banking. Some banks, including the giant Bank of America, already use Ripple’s services. In December 2020, the SEC opened a lawsuit with the company that does not hint at being resolved, due to alleged irregularities in the offering of securities to the public.

After touching a high at $3 in 2018, partly due to these vicissitudes, the cryptocurrency lost a lot of its value, dropping to the current 0.6 cents on the dollar.

New partnership for Ripple

Attijariwafa Bank, the largest bank in Morocco (over $53 billion in assets under management), a few days ago expressly asked to use the Ripple network (RippleNet) for an upgrade of its payment systems. All this will allow Attijariwafa Bank and its partners to be able to make blockchain-based payments.

This umpteenth partnership consolidates Ripple’s role in the Middle East and African region, where it is already very active. In October, the company had announced a partnership with Qatar’s leading bank, QNB, to build a cross-border digital payments platform.

Vincenzo Cacioppoli
Vincenzo Cacioppoli
Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.