Ripple is a blockchain technology company that provides fast, secure, and low-cost cross-border payment solutions. Its native digital asset, Ripple XRP, is used to facilitate these transactions and is also available for trading on various cryptocurrency exchanges.
One of the unique features of Ripple’s technology is the use of a consensus algorithm, rather than a traditional proof-of-work or proof-of-stake algorithm. This consensus algorithm, called the Ripple XRP Ledger, allows for fast and efficient transaction processing, with a capacity of up to 1,500 transactions per second.
Ripple’s technology has gained significant adoption among financial institutions and payment processors, including American Express, Santander, and MoneyGram. This adoption has led to increased use of Ripple XRP for cross-border payments, as well as increased liquidity on cryptocurrency exchanges.
However, Ripple XRP has faced some challenges in its adoption, particularly in the form of regulatory scrutiny. In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that the company had conducted an unregistered securities offering by selling XRP.
The lawsuit is ongoing, and its outcome could have significant implications for Ripple’s future operations and the status of XRP as a digital asset.
Despite these challenges, Ripple XRP continues to innovate and expand its offerings, with a focus on providing accessible and efficient cross-border payments for individuals and businesses around the world.
Recently, Ripple XRP and other whale wallets have been in motion, with a total of 218 million XRP being moved in six different transactions. The movements were worth approximately $81 million and mostly involved exchanges such as Bittrex and Bitstamp. These transactions also coincided with a recent recovery campaign by XRP.
The movement by Ripple involved 50 million XRP tokens, worth $21.4 million, which were released from escrow for this month. The movement occurred on May 9 at 20:35 (UTC), according to whale-tracking resource Whale Alert. Although Whale Alert initially suggested that Ripple sent XRP to an unknown wallet, Bithomp data indicates that the recipient wallet belongs to Ripple, which has distributed 7.3 million XRP to other addresses.
It is worth noting that Ripple does not “dump” the assets on the market, according to pro-XRP attorney Bill Morgan. In April, only 50 million XRP out of 300 million XRP released were moved from the Ripple wallet, similar to the recent transaction for May. Ripple unlocked 1 billion XRP on May 1 as part of its monthly escrow executions. Shortly after the escrow executions, Ripple locked back 700 million XRP and kept 300 million tokens.
In addition to Ripple, other whales moved 168 million XRP in five different transactions. The earliest movement saw 50 million XRP moved from Crypto.com to an unknown wallet, which was later found to belong to Binance. An unidentified wallet then transferred 31 million XRP to Bitstamp on May 8, 21:29 (UTC).
This was followed by an in-house movement hours later, as two Bittrex wallets shuffled 30 million XRP on May 9, 19:41 (UTC). The latest transaction involved an unidentified wallet sending 28 million XRP to Bitstamp on May 9, 22:14 (UTC).
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These whale movements coincided with a drop in XRP price, which fell 4.61% on May 8, its largest intraday decline since April 21. However, XRP immediately staged a recovery, using the $0.41 zone as support.
XRP recently broke its intraday losing streak that began on May 6, closing with a 0.14% gain. Currently, XRP is trading at $0.4303 as of press time and aims to solidify its position above $0.43.
The movements by Ripple and other whales have sparked interest and speculation among crypto investors and analysts. Some have suggested that the whales may be preparing to make a significant move in the market, while others believe that these movements are merely routine transactions.
Ripple has been in the news recently due to its ongoing legal battle with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020, alleging that the company and its executives conducted an unregistered securities offering by selling XRP to retail investors.
Ripple has denied the allegations and argued that XRP is not a security but rather a digital asset. The outcome of this case is likely to have significant implications for the crypto industry, particularly for XRP and other digital assets that have faced similar regulatory scrutiny.
Despite the legal uncertainty, Ripple has continued to make progress in its partnerships and adoption of its technology. The company recently announced a partnership with Bhutan’s central bank to pilot a central bank digital currency (CBDC) using Ripple’s technology.
The partnership aims to explore the use of blockchain technology to improve cross-border payments and promote financial inclusion in Bhutan.
The movements of Ripple and other whales in XRP, coupled with the price recovery of the asset, have caused a stir in the crypto community. While some believe that the movements are indicative of an upcoming bullish run for XRP, others remain skeptical about the impact that whale movements could have on the market.
Nevertheless, the overall sentiment among investors and traders remains positive, with many expecting XRP to continue to gain momentum in the coming days and weeks. For more information join our whatsapp community