XRP Binance

Binance Receives Massive XRP Transactions of $96 Mln

Anca F. Avatar
Aug 5, 2019
2 min reading time

Today it was reported that nearly $96.2 mln worth of XRP tokens has been moved to an anonymous wallet on the Binance cryptocurrency exchange.

From the tweets provided by Whale Alert, which is a website which tracks the movement of massive amounts of cryptocurrencies, on Aug. 2, 1 bln XRP (~$320 mln) tokens were transferred before entering the market.

Before this major shift of XRP tokens, there was another big XRP transaction which was valued at approximately $9 mln, that were also deposited into a wallet on the Binance exchange.

XRP holders feared that this move would lead to a decrease in prices, but it was revealed that this was just one of the routine monthly escrow releases which are made by the Ripple Foundation.

But as usual, when a huge shift like this is registered, it always makes waves in the community, even if it is a monthly escrow release. An average of 75-80% of XRP (800 Million) which are returned, will be deposited back in escrow for 55 months. The supply will be distributed over the course of 30 years.

“Everyone blows up when this happens; it is a monthly escrow release. On average, 75-80% of XRP (800 Million) is returned The 80% that is returned, will be placed back into another 55-month escrow. They have a 30-year plan to distribute the supply; this is not a “Pump & Dump”.#XRP”-  tweeted Dakota Shipley.

XRP saw a minor increase of 2 percent in the past 24-hour period, having a current trading price of $0.327742 USD. The token has a market cap of $14,051,165,938 USD, and a 24-hour volume of $1,157,392,763 USD.

Featured image: newsbtc.com

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