An unknown Ripple’s XRP whale has acquired 10 million XRP ($4.1 Million) few hours after the price of the digital currency surged to $0.413.
The trade, according to Cryptocurrency Whale Alert, was made by Ripple over-the-counter. The San Francisco-based firm do sell Ripple’s XRP to firms willing to invest in the digital asset.
The transferred was made through a wallet associated with Ripple, but sent to an unknown wallet.
According to Whale Alert, 10,000,000 XRP (4,068,289 USD) was moved from Ripple OTC Distribution wallet to an unknown destination.
What the Fund was Sold for
There’s high possibility the fund was sold to a third party who’s willing to invest in XRP or create a worthwhile project that will make use of the digital currency.
Ripple some times sells the digital token it has in its reserve to cover operating costs, especially the ones related to XRP adoption.
As some point, Ripple sells portions of XRP to boast the adoption of the digital asset. Through Xpring, sold XRP are used to invest in startups that have the tendency of increasing the adoption of XRP.
Ripple makes over-the-counter sales of XRP all year round, however, funds not used are returned to escrow. For transparency, Ripple declares XRP sales it makes in its quarterly reports.
What Amount of XRP was Sold in Q1 2019?
In Q1 2019, Ripple sold around $169.42 million worth of XRP. When compared with $129.03 million worth XRP Ripple sold in Q4 2018, the former recorded 31% sale increase.
According to the report, the amount of XRP sold directly to institutions by Ripple also increased.
The firm sold around $61.93 million in XRP in the last quarter, an amount said to have increased by 54% when compared to the $40.15 million XRP sold in Q4 2018. As revealed in the report, Ripple’s XRP sales stays at 0.32% of total XRP trading volume in Q1 2019.
Ripple’s XRP in the market
Ripple’s XRP, like other digital currency is performing excellently in the market. At the time of writing, XRP is changing hands at $0.4101.
With around $17 billion market cap and a 24hr market volume of $2 billion, XRP has seen around 7% price upsurge.
There is tendency XRP goes as high as $1 as soon as possible. This has been the prediction of some cryptocurrency experts.
Disclaimer: This article is not a financial advice and it should not be treated as. The author wrote the article for informational and educational purpose only. Cryptocurrencies are generally volatile. So, consult financial experts before investing in any crypto.