Blockchain behemoth Ripple spotted moving enormous amount of XRP as token’s price surges along with rest of crypto market
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Prominent blockchain tracker Whale Alert, which regularly publishes data on large crypto transactions made by financial institutions and cryptocurrency whales, has tweeted that within the last 24 hours, blockchain decacorn Ripple Labs has shoveled an astounding amount of XRP tokens that are affiliated with this company.
In the meantime, the price of XRP has been growing well recently, adding nearly 10% over the past seven days. Over the past 24 hours, the rise has constituted around 3.30%, per CoinMarketCap data.
Close to 100 million moved by Ripple
Per transaction details provided by Whale Alert, roughly five hours ago, Ripple Labs behemoth based in San Francisco shoveled a total of 70,000,000 XRP. Per XRP explorer Bithomp, the destination wallet also belongs to this company.
The funds have been received and are in that blockchain address so far without moving anywhere else. The same wallet that received the aforementioned 70 million XRP transferred the same amount of XRP before it received this enormous chunk of Ripple-affiliated crypto.
Further destination of these millions of XRP is unknown; however, apparently, the blockchain giant is preparing to move them out to a crypto exchange to sell them or to one of its partner financial institutions that utilize XRP.
The second crypto transfer spotted by Whale Alert carried 27,400,000 XRP overall. The transaction went to the Bitstamp exchange from an anonymous wallet. The aforementioned XRP explorer shared that the sender wallet was connected to Ripple.
This is the second transaction from this wallet made to the Bitstamp exchange this week. Over the last few months, these large XRP transfers to Bitstamp have become regular as Ripple fintech giant has been sending at least 100 million XRP (sometimes more) to this exchange, as well as to Bitso – a blockchain unicorn based in Mexico, the largest crypto exchange in Latin America and a Ripple partner since 2019.
412 million XRP moved by anon investor
These two crypto exchanges are old Ripple ODL (On-Demand Liquidity) corridors, which utilize XRP to perform cheap and fast international transfers via RippleNet without using prepaid accounts. Just recently, ODL has been rebranded as simply “Ripple Payments.”
Speaking of large XRP transfers, a staggering lump of 412,334,412 XRP was moved on Oct. 22 from one anonymous wallet to another, indicating a whale selling his XRP via OTC or simply moving part of his vast XRP riches to reshuffle his crypto portfolio.