Several tens of millions of XRP were transmitted to the EU-based cryptocurrency exchange Bitstamp a little over 12 hours ago, according to data provided by the well-known blockchain detective Whale Alert, which tracks large cryptocurrency chunks moved by whales and exchanges.
This occurred despite the XRP price showing just a modest rebound over the previous week, increasing by 3.43% since Thursday, October 12.
30 million XRP on move
According to the aforementioned data source, an unidentified whale gave Bitstamp a total of 30,200,000 XRP. Even yet, the transaction was really started by a wallet connected to Ripple Labs, a San Francisco-based startup now helmed by CEO Brad Garlinghouse and created in 2011-2012 by Chris Larsen and Jed McCaleb.
Over the past two months, Ripple has been sending chunks of about 29,000,000-30,000,000 XRP to Bitstamp and Bitso exchanges every week from its blockchain wallet address, r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.
https://x.com/whale_alert/status/1713652766491517248?s=20
Whale Alert discovered transactions like to this one last week, the week before last, and so on. It has occasionally transferred millions of XRP only to Bitstamp, and occasionally it has sent two transactions to both Bitstamp and Bitso.
Here’s how Bitstamp and Bitso are related to Ripple
In addition to being Ripple’s “favourite,” the two crypto trading exchanges work together on the payments service formerly known as On-Demand Liquidity (ODL), which has since been renamed to just “Ripple Payments,” according to a recent statement posted on Twitter by a top Ripple official.
ODL uses XRP to send money across borders between crypto exchanges, first converting fiat into XRP and then into the recipient’s fiat currency. This approach differs from conventional bank transfers in that it is cheaper, quicker, and available 24/7 without the need for preloaded accounts at the destinations.
Whales keep grabbing tonnes of XRP
Large XRP holders, sometimes referred to as whales in the cryptocurrency industry, appear to still have faith in the coin’s bright future. Santiment, a well-known on-chain data collector, has published information on aggressive XRP accumulation by whales and sharks.
According to this statistics, wallets containing 100,000–100,000,000 XRP now have over one billion USD in XRP coins, up from their holdings of $7.16 billion in XRP last year to about $8 billion today.
