Most coins in the cryptocurrency market have been undergoing a series of ups and downs, impacting the prices of the cryptocurrencies. However, XRP, the third largest cryptocurrency on CoinMarketCap was the only coin not undergoing any significant price change since the beginning of the year.
However, the crypto-world has been seeing numerous fund movement and these funds are large in number and two such transactions were noted on Whale Alert’s Twitter handle recently.
A sum of 6,999,999 XRP was transferred from Bittrex’s Exchange wallet address [rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy] to Upbit’s Exchange wallet address [rNzT5xopUaJK8L7mHbThUGKaHoct62dNBC].
According to the details of the transactions, the fund was moved on Saturday, May 18 at 09:25:22 UTC. Other details of the transaction are as given below:
Source: Whale alert
The Bittrex exchange had carried out another transaction on the same day, where it transferred 9,999,999 BTC worth $3,712,226 USD to Upbit. According to transaction details, this transaction took place before the aforementioned transaction on May 18 at 09:24:52 UTC. The details of the transaction are as given below:
Source: Whale Alert
This could be a mere transfer of token, however, the recent events with Ripple have raised some red flags within the community. According to a recent report from CoinMetrics, there were discrepancies in Ripple’s Q3 report of 2018 and Q1 report of 2019. The report stated:
“Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices).”
However, Ripple’s CTO David Schwartz denied these claims and said:
“Regarding the chatter about reporting methodology around XRP escrow in @Ripple’s quarterly XRP Markets Reports: this is simply a timeline issue.”