According to a tweet by leading cryptocurrency watch-page Whale, Ripple has reportedly been involved in a massive XRP wire. The transaction involved the organization and its On-Demand Liquidity associates. Whale reports that over 20 million worth of XRP coins was wired to Philippines-based Coins. ph, another ODL partner of Ripple.
Furthermore, Whale revealed that Ripple, a duo of its On-Demand Liquidity associates, and popular crypto platforms situated in South Korea and the U.S partnered to ensure the success of the transaction. Ripple engineered the RL 18-VN to carry out the transaction. It usually uses the RL 18-VN to wire coins to financial bodies. Ripple also uses this wallet to trade XRP in other to cover its operating expenses.
Additionally, The total transaction Ripple partook in the last 24 hours was worth over 203 million XRP coins. Gopax exchange made the highest transaction with the conveyance of over a hundred (100) million XRP coins.
Moreso, Whale reported that other platforms like Bitso, Bittrex, and Bithumb also partook in the transaction. These platforms reportedly wire over 20 million XRP coins.
Ripple’s plan and setbacks
Prior to the report by Whale, Ripple has experienced somewhat of an internal crisis among its founders.
However, the organization hasn’t resigned its commitment towards the development of the coin and making it public. Brad Garlinghouse one of the founders of Ripple tech shed more light on its plans. He stated that a legal dispute between him and other founders has caused the delay. He furthered that they are looking at the possibility of resolving it without affecting the operations of the organization.
Furthermore, he pointed accusing fingers at the SEC for refusing to allow the innovation. Investors are watching on and as well hoping that the organization would resolve its dispute before the middle of this year. The organization is yet to give a response to the report by Whale.
What’s Ripple?
Ripple is an organization that offers cryptocurrency services and a digital payment platform for financial transactions. Chris Larsen and Jed McCaleb partnered in 2012 to create it.
The token used for the cryptocurrency utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks—as a sort of temporary settlement layer denomination.
Lastly, Whale is a leading platform in regards to monitoring cryptocurrency transactions and it has overtly reported a series of transactions involving various Financial institutions and cryptocurrency platforms.
