Massive Ripple (XRP) whales carried 313 million XRP in one drop. Ripple CTO claims that XRP is compatible with Bitcoin and the leading altcoin Ethereum.
Giant whales carry XRP!
According to whale watching platform Whale Alert, XRP whales moved 313 million XRP in a single transaction. The platform noted that 313,218,266 XRP worth $148,102,802 was moved between wallets in the last hours.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 313,218,266 #XRP (148,102,802 USD) transferred from unknown wallet to unknown wallethttps://t.co/PiVcJ36Iq5
— Whale Alert (@whale_alert) October 29, 2022
On October 29, 40,614,705 XRP worth $19,293,636 was transferred from crypto exchange Bitstamp to an unknown wallet. Another 30 million XRP worth $14,251,220 went to Bitstamp from an unknown wallet.
Regarding the XRP movement, Ripple states that in Q3 2022, three billion XRP was released from escrow at one billion per month following previous quarters and the official escrow agreement. A total of 2.1 billion XRP returns took place during the quarter. It was then placed on new escrow contracts.
Also, Ripple made an important update on the amount of XRP held in Ripple’s various wallets. For the first time, he stated that the amount of XRP held in Ripple wallets is below 50 billion. Thus, it fell below 50% of the total supply. This makes sense considering Ripple is now running four of XRPL’s 130+ validator nodes.
Critics claimed that the company’s ownership of XRP is proof that Ripple controls the XRP Ledger. XRP Ledger (XRPL) uses a Federated Byzantine consensus to validate transactions. This means that every validating node will get one vote, regardless of how much XRP they have.
“XRP is compatible with leading crypto and leading altcoin!”
Ripple’s chief technology officer, David Schwartz, defended XRP’s price performance in a recent tweet. A disgruntled investor described the cryptocurrency’s price as “disgraceful.” After that, Schwartz explained that XRP is actually performing in line with other major cryptocurrencies.
The Ripple executive noted that one’s perception of XRP’s price performance depends on a particular time frame. Schwartz pointed out that XRP has outperformed both Bitcoin and Ethereum year after year. However, it should be noted that XRP is still 86.41% below the ATH level it reached in January 2018. It is also one of the few major cryptocurrencies that failed to reach new heights during its last bull run.
cryptocoin.com As you follow, the altcoin faces many legal uncertainties due to the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple. Despite this, XRP has managed to stay among the leading cryptocurrencies. It’s currently worth $23.2 billion, according to CoinMarketCap data. This makes it the sixth largest cryptocurrency. Most Ripple advocates think that a potentially positive outcome in the Ripple case would be a huge tailwind for the altcoin.
