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.
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