The Ripple (XRP) cryptocurrency has been outperformed by the US dollar-backed stablecoin, Tether (USDT), which is unarguably a dissatisfying incident for the XRP army. Amidst the development, however, large XRP transfers have been spotted, all of which contained millions of the cryptocurrency.
Over 200 million XRP transfers
Some hours ago, popular digital currency exchanges and Ripple, the blockchain company behind the cryptocurrency, carried out XRP transfers that involved more than 200 million XRPs. Each of the transactions constituted at least 10 million to 50 million of the Ripple digital currency.
Out of the total amount of XRP transferred, Ripple moved about 94.3 million of the cryptocurrency. According to the transaction alert from XRPL Monitor, the blockchain company moved about 44.3 million XRP to BitGo, a crypto custodian company, and Bithumb, a digital currency exchange.
The XRP transfers to cryptocurrency companies were completed in three different transactions: 10 million, 23.3 million, and another 10 million XRPs. As per Whale Alert, the remaining 50 million XRPs were transferred from Ripple’s Funding Wallet to an unknown wallet address.
Meanwhile, digital currency exchange took part in the XRP transfers, including Bitso, which is based in Mexico and considered the biggest Ripple ODL corridor. The crypto exchanges involved are Bithumb, Liquid, Bitbank, and BitGo. The XRP transfers by the exchange totaled 187 million.
Specifically, Bithumb carried out two XRP transfers, which involved a total of 48 million XRP, while BitGo transferred more than 50 million of the cryptocurrency. Meanwhile, the ODL corridor was spotted moving about 13 million XRP in two separate transactions.
XRP has beaten to the fourth-largest
While the reason behind the huge XRP moves remains unclear, it is worth noting that the transfers are coming when XRP is settling as the fourth largest cryptocurrency through market capitalization. USDT now ranks as the third-largest crypto.
At the time of writing, the market cap for the stablecoin is at $8.8 billion, while that of XRP is sitting at $8.7 billion. Previously, USDT briefly surpassed XRP in the third place; however, it appears that Tether has come to stay as the third-largest crypto for a more extended period.