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98 million XRP blockchain transfers, strategic move by major industry players?

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The price movement of the world’s largest cryptocurrency, Bitcoin (BTC) back to the $8k level, has also spurred a good moment for many other cryptocurrencies. Among the cryptos include Ripple (XRP), which is currently trading at $0.221773.

The cryptocurrency has been showing great moves by sliding away from $0.19 as of April 28. With the $0.21 price mark breakthrough, many people believe that XRP is set for higher marks in the near time. Some crypto traders are also speculating that the cryptocurrency will possibly reach $0.40.

Amid the speculations on XRP price, major industry players recently initiated XRP blockchain transfers worth millions of dollars. The transaction was spotted by the XRPL Monitor bot; a Twitter bot specifically developed to track XRP blockchain transfers. 

98 million XRP blockchain transfers

The transactions consisted of 98 million XRP, which sums up to $21,002,563 at the time of the report. The blockchain company, Ripple, reportedly made half of the total transactions itself. 

According to the data by the XRPL Monitor bot, the blockchain company processed about 50 million XRP blockchain transfers. The transaction also involved Bitso, one of the largest cryptocurrency exchanges operating in Latin America.

The exchange moved about 18.4 million XRP, which summed up to $3,941,909. Meanwhile, it is worth noting that the cryptocurrency exchange is the largest corridor powered by RippleNet’s ODL service. This is fully known as On-demand Liquidity. 

XRP price update

The third-largest cryptocurrency currently sees a positive 6.69 percent price change to be worth $0.221773, according to Coinmarketcap. It is trading with a total market capitalization of $9,783,022,417. Out of the 100 billion maximum supply, there are 99,990,976,125 in circulation.

XRP max supply has always spurred controversies among crypto users, questioning the reason behind such a huge supply. However, the XRP army doesn’t believe the figure is much, following the world population. 

They expect XRP will be accepted intensively among banks, and that everyone will hold 12.6 XRP each, in time to come, which will sum up to the 100 billion max supply following the world population.

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Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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