A little over six hours ago, Ripple transferred a whopping 100 million XRP to the well-known RL18 VN address. This wallet address is widely used to transfer tokens from Ripple to customers, partners and crypto exchanges.
– Whale alert (@whale_alert) September 29, 2021
According to Tracker Bithomp, these tokens will likely be broken down into smaller quantities and sent to Huobi on a daily basis. 100 million XRP equals $ 92,000,000 at current prices of $ 0.92. Huobi received XRP from Ripple in the wallet r37SFX6FZsxiJGxLrWCdCHm2Cub4jKcxhz. Also, since September 27th to date, Ripple has transferred 1,542,780 XRPs to the Huobi exchange.
The source: Bithomp
Before September 27, the daily amount of XRP sent to Huobi was 3,099,200 tokens. Earlier this year, Ripple repeatedly sent large amounts of XRP to Huobi, but the blockchain giant has never clarified the purpose of those transfers.
Previously, the two largest cryptocurrency exchanges in the world, Binance and Huobi – as well as other exchanges in China – were under heavy regulatory pressure from the country’s government. First, Huobi has suspended registration for new users from mainland China and plans to gradually ban it. Binance has also banned new users from opening accounts and is about to stop offering services to customers in Singapore due to regulatory pressure.
The reason, as Elon Musk revealed, could be that Bitcoin and other cryptocurrencies are threatening the power of the Chinese Communist Party. Meanwhile, famous investor and author of the book “Rich Dad, Poor Dad” Robert Kiyosaki believes China imposed the ban simply because it is about to launch its own CBDC, also known as DC / EP.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
follow AZCoin News