Ripple’s OTC Distribution Wallet Moves 800,000,000 XRP


In Brief
- Whale Alert detected an 800 million XRP outflow from Ripple’s OTC wallet.
- The OTC wallet outflow is worth over $160,000,000.
In a series of four transactions, 800,000,000 XRP left Ripple’s OTC Distribution wallet, according to Whale Alert. The total outflow is equates to over $160,000,000 at the time of press.
While the four transactions originate from the Ripple OTC Distribution wallet, each 200 million XRP transaction has a different destination wallet.
This is the first time this OTC wallet has been active in 2020. According to Bithomp, an XRP explorer, the wallet’s last transaction prior to today was on December 11th, 2019.
RippleNet
Ripple’s flagship platform, RippleNet, has seen a surge in adoption this year as interest in the platform grows. RippleNet enables participating financial institutions to settle cross-border payments in a fraction of the time while also reducing costs.
Ripple’s On-Demand Liquidity (ODL) is a RippleNet solution that allows institutions to source liquidity using XRP. According to Ripple, ODL can result in 40-60% cost savings while only taking three seconds. Furthermore, Ripple’s ODL services operate all hours of the day, ensuring that liquidity is available even during holidays or off-hours.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer