Ripple spends 240 million XRP on strategic management of its custodial reserves
Ripple executed a significant transaction involving its XRP token. The company spent 240 million XRP (approximately 148.8 million US dollars) to strategically manage its custodial reserves. This left 96.34 million XRP (approximately 59.73 million US dollars) in Ripple's main spending wallet, marked as "Ripple(1)", with the intention of stabilizing the XRP market.
The specific transaction conducted by Ripple in December 2023 was executed in three separate batches. On December 1st, Ripple received 200 million XRP from a wallet marked as "Ripple(22)". Subsequently, the company distributed 60 million XRP on December 6th, another 60 million XRP on December 12th, and 120 million XRP on December 20th. These transactions resulted in a total expense of 240 million XRP, reducing the balance in Ripple's main wallet to 96.34 million XRP.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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