By Solomon Odunayo
CoinLoan, the leading cryptocurrency lending service, made an official announcement of listing the 4th largest cryptocurrency by market capitalization, on 1st June 2020. A report has it that CoinLoan received over 14 million XRP of users’ deposits within the first week of listing the digital currency.
Benefits Users Derive From Depositing XRP
According to the report, users who deposit the digital token XRP on the platform are liable to gain up to 5.7% annual yield on their holdings and take out loans in stablecoins or fiat-assets, using XRP as collateral, which encourages several XRP holders to choose CoinLoan.
CoinLoan also believes that XRP holders choose to deposit their holdings on its platform in such a high volume for other reasons, such as the safety of their hard-earned funds.
Going by the company’s account, it’s a licensed financial institution, with a state-of-the-security, which makes it a simple decision for XRP holders to entrust their holdings in numbers within a short interval.
XRP holders can only exchange or deposit funds for another currency with regular exchanges, but CoinLoan users can deposit their funds, exchange, and also earn interest or take loans at will.
80,000,000 XRP Moved from Ripple OTC Distribution Wallet
Whale Alert, the tracker of huge cryptocurrency transactions, reported the movement of 80 million XRP worth $15,061,538, from Ripple OTC Distribution wallet to an unknown wallet.
According to the report, the huge transaction was effected on 23rd June 2020, at 08:21:20 UTC, from Ripple OTC Distribution wallet to an unknown wallet rpfgmEvT2sKxHYvhLbCwS5wennKTGLfcAn.
“80,000,000 XRP (15,061,538 USD) transferred from Ripple OTC Distribution wallet to unknown wallet,” Whale Alert reported.
🚨 80,000,000 #XRP (15,061,538 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) June 23, 2020
Ripple’s XRP in the Market
Over the past weeks, XRP the fourth largest digital currency by market capitalization has been changing hands below $0.2 resistance level.
However, this lackluster performance is not limited to the digital currency. Virtually all the top cryptocurrencies in the market have had a difficult time in the past few weeks. At the time of writing, XRP is trading at $0.188950, with a 0.75% price increase based on 24 hours estimation.