Prominent blockchain tracker Whale Alert, which frequently tweets information on significant cryptocurrency transactions made by financial institutions and cryptocurrency whales, reported that blockchain decacorn Ripple Labs has shovelled an incredible amount of XRP tokens that are connected to this company in the previous 24 hours.
While this is going on, the price of XRP has lately increased significantly, rising by about 10% over the last week. According to data from CoinMarketCap, the increase over the previous 24 hours has been about 3.30%.
Close to 100 million moved by Ripple
According to transaction information given by Whale Alert, the San Francisco-based colossus Ripple Labs shovelled a total of 70,000,000 XRP around five hours ago. This business also owns the destination wallet, according to XRP explorer Bithomp.
The money has been received and is currently remaining in that blockchain address without leaving it. Prior to receiving this massive quantity of Ripple-affiliated cryptocurrency, the identical wallet that got the previously stated 70 million XRP transmitted the same number of XRP.
Unknown is the final destination of these millions of XRP, but it appears that the blockchain powerhouse is getting ready to send them to a cryptocurrency exchange for trading or to one of its partner financial institutions that also use XRP.
https://x.com/whale_alert/status/1716672211883266350?s=20
Whale Alert discovered a second cryptocurrency transfer that had a total of 27,400,000 XRP. From an anonymous wallet, the transaction was sent to the Bitstamp exchange. The sender wallet was associated with Ripple, according to the aforementioned XRP explorer.
https://x.com/whale_alert/status/1716537058947117073?s=20
This is the second time this week that a transaction from this wallet has been made to the Bitstamp exchange. The Ripple fintech giant has been sending at least 100 million XRP (and occasionally more) to Bitstamp over the past few months, as well as to Bitso, a blockchain unicorn based in Mexico that is the biggest cryptocurrency exchange in Latin America and a Ripple partner since 2019.
412 million XRP moved by anon investor
These two cryptocurrency exchanges are legacy Ripple ODL (On-Demand Liquidity) corridors that use XRP to make inexpensive and quick international transactions across RippleNet without the use of prepaid accounts. ODL has just lately changed its name to “Ripple Payments.”
Speaking of huge XRP transfers, on October 22, a remarkable chunk of 412,334,412 XRP was transferred from one anonymous wallet to another, maybe by a whale selling some of his XRP via OTC or just rearranging some of his enormous XRP holdings in his cryptocurrency portfolio.
