Popular cryptocurrency surveillance service Whale Alert is letting people know that anonymous wallets have transferred significant quantities of XRP (two chunks of about 30 million coins each) to two well-known exchanges. Whale Alert tracks down major cryptocurrency transactions and posts their data on its X app account.
One crucial distinction is that On-Demand Liquidity (ODL), formerly known as Ripple Payments, is connected to both of these systems.
Details show that Ripple, a titan of the blockchain, is linked to these anonymous wallets.
https://x.com/whale_alert/status/1710015869034590484?s=20
Ripple shovels 107 million XRP to ODL platforms
20,400,000 and 30,400,000 XRP were observed being moved to the Mexican exchange and cryptocurrency startup Bitso on October 4 and 5. Then, 26,800,000 and 29,300,000 XRP were poured into the Bitstamp exchange, which is situated in the EU.
https://x.com/whale_alert/status/1710015800310911210?s=20
That comes to just under 107 million XRP overall, valued at just over $56 million in currency.
The Ripple fintech startup, led by Brad Garlinghouse and located in San Francisco, is connected to both of these sending wallets, according to information released by the XRP-focused analytics site Bithomp.
On Ripple’s XRP-based cross-border payment system, formerly known as ODL, Bitso and Bitstamp work together. ODL, which is built on RippleNet, enables XRP-based financial transfers to any location in the globe (where there is an ODL bridge) without the need for prepaid accounts.
In Latin America, Bitso operates as an ODL platform, and Bitstamp performs the similar function in Europe. However, recently Ripple made the decision to rename ODL as just “Ripple Payments,” as this moniker is simpler to grasp for outsiders, or those who have never heard of Ripple or cryptocurrencies in general.
As previously reported by U.Today, one of Ripple’s key partners with operations in Malaysia, Tranglo, revealed that ODL use increased by 1,700% last year, with a $970 million milestone in transaction volume being hit. Compared to $59 million in 2021, that represented a huge increase.
