A significant XRP transaction that transferred tens of millions of XRP from an unidentified wallet to the Bitstamp network was reported by prominent cryptocurrency tracker Whale Alert.
According to the aforementioned source, 30.3 million XRP total was paid to Bitstamp. This is the second such large-scale crypto transfer that Whale Alert has detected this week. An unidentified address sent 29,000,000 XRP on October 8.
https://x.com/whale_alert/status/1711477907330130248?s=20
Ripple transfers 119 million XRP – purpose?
Information made public by the XRP-centered analytics portal Bithomp reveals that the San Francisco-based financial firm Ripple Labs was the one who started the transactions in both instances.
According to U.Today, Ripple transferred tens of millions of XRP to Bitstamp last month. Additionally, Whale Alert once discovered a transfer to the Bitso platform. Ripple has moved 119,000,000 XRP totaling $59,199,878.
https://x.com/whale_alert/status/1711252591407931703?s=20
It’s important to note that Bitso and Bitstamp are platforms that work with Ripple to provide the “Ripple Payments” service, formerly known as “On-Demand Liquidity” (ODL). ODL is difficult for outsiders to comprehend, hence the term Ripple Payments was chosen at the most recent rebranding.
ODL used XRP as a medium of exchange to send money internationally to other ODL sites. Compared to conventional bank payments (including SWIFT), this is significantly quicker, cheaper, and does not need preloaded accounts.
50 million XRP gone from Crypto.com, whales now hold $8 billion in XRP
A astonishing amount of 50,000,000 XRP was shovelled from the Crypto.com exchange in addition to the transactions already disclosed, according to a report by Whale Alert on October 9.
https://x.com/whale_alert/status/1711329089217245654?s=20
According to information provided by Bithomp, the unanticipated recipient of this huge XRP amount was a wallet associated with the Binance exchange.
Recent tweets from Santiment, an on-chain data vendor, claim that there has been a sharp decline in whale activity on the XRP Ledger compared to the previous two years. Nevertheless, XRP whales have continued to amass XRP currency despite this.
According to Santiment, the amount of XRP held by shark and whale wallets, which each hold 100,000–100,000,000, has climbed from $7.16 billion in 2022 to $7.89 billion this year.
