Institutional Investor Purchases 10 Million XRP from Ripple as Market Turns Bullish

Institutional Investor Purchases 10 Million XRP from Ripple as Market Turns Bullish

Ripple Inc. has again made an over the counter (OTC) sales of XRP to an unknown institutional investor. The transaction amounted to 10 million XRP, which is equivalent to 4,654,176 USD, was made over 3 hours ago.

The transaction, as revealed by Whale Alert was made on Ripple OTC Distribution wallet (rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h) to unknown wallet (rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC).

Ripple sells XRP, a digital currency demanded across the globe for cross-border payment, for investors wanting to hold the asset for future or immediate use.

Through Ripple, firms that intend to use XRP for daily transactions, buy XRP from Ripple at an undeclared amount. These investors have tenable use cases having the potential of increasing the adoption of XRP.

Observers at some point criticised Ripple’s idea of selling XRP holdings via its OTC wallet, claiming it would not increase the price of XRP at the moment.

Meanwhile, the destination of the latest sales is still not known. However, it may be for latest firms that just announced partnership with Ripple or for companies that are making to use XRP for day to day payment service.

For example, SendFriend, a remittance platform making use of XRP for cross-border payment just launched remittance network for Filipino residing in America. The service makes use of XRP for moving funds from America to Philippine.

Another latest partnership is that of MoneyGram, a cross-border remittance firm said to be the second largest. The partnership comes along with Ripple Inc. investing in MoneyGram, and centered on the latter making exploring xRapid, an XRP-dependent cross border tool.

When Ripple’s partnership with MoneyGram is finally activated, customers of the firm in close to over 200 countries of the world will make use of XRP for cross-border remittance.

Yesterday, however, an unknown person moved 98 million XRP from UpBit to Bittrex, paying 45 drops for it.

Ripple’s XRP in the Market as Bitcoin Goes Ballistic

Ripple’s XRP has been excellent in the market. At the time of writing, the digital asset is trading around $0.46 with $19.6 billion market capital.

XRP, like Bitcoin is in green, and there is glooming sign XRP will go higher now that Bitcoin is over $11,200.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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