Ripple’s XRP worth $27.5M sent to provide market liquidity

Ripple has seen some massive trends in the charts, and recently, a cryptocurrency bot traced a significant transfer of XRP tokens. The transaction that was picked up by the crypto bot shows the transfer of about 99,999,900 XRP tokens valued at approximately $27.5 million.

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Ripple has seen some massive trends in the charts, and recently, a cryptocurrency bot traced a significant transfer of XRP tokens. The transaction that was picked up by the crypto bot shows the transfer of about 99,999,900 XRP tokens valued at approximately $27.5 million, and the transaction was classified as “payment,” and it was sent for market-making.

XRPL Monitor reported the payment, which is a bot that is responsible for notifying transactions that contain more than 100,000 XRP. The purpose of this payment was to provide liquidity to the market and a price floor. There’s no information about the recipient firm of the funds as well as whether there’s a fixed amount set aside for such kinds of payments.

No boom in Ripple Price during the conference

Ripple held its annual Swell Conference this year as well, and the enthusiasts were expecting a surge in the Ripple price, but no significant gains were witnessed. XRP fans were hoping for a significant announcement as well, but they were left disappointed.

Currently, the price is trading at $0.27360, with a 0.41% gain in the price. The token witnessed an impressive trading volume of $1.3 billion, and the market-making firm will have to try hard to bring any significant changes in the market.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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