The timing of a significant XRP shift to the largest U.S.-based cryptocurrency exchange Coinbase has been made public by prominent cryptocurrency transaction tracker Whale Alert, which reports on significant crypto transfers via their account on the X app.
The wallet from which the transaction was made, which Whale Alert classified as “unknown,” contained a total of 39,523,129 XRP. This cryptocurrency’s value is equivalent to $25,853,836 in fiat money.
https://x.com/whale_alert/status/1723232376640172124?s=20
The whale appears to have a clear intention while making this transfer: selling this piece of XRP in order to remove gains from the equation.
After putting up a 6% increase over the previous day, XRP is currently trading at $0.66583 at the time this article is written. The coin connected to Ripple has been trading inside this range up until then, rising and falling many times in an effort to break through this resistance level.
Ripple moves nearly 150 million XRP
The aforementioned data source revealed earlier this week that the massive fintech company Ripple Labs had shovelled a far larger quantity of XRP than the whale that was listed for sale on Coinbase. The three transactions performed by the San Francisco-based Ripple decacorn totaled an amazing 148 million XRP.
A whopping 100,000,000 XRP was transferred between addresses on Ripple’s network. Smaller amounts of 24,700,00 and 23,400,000 XRP were transferred from anonymous wallets to Bitstamp and Bitso, two cryptocurrency trading platforms.
Nevertheless, information provided by the Bithomp XRP-focused analysis service indicates that a wallet connected to Ripple Labs was the source of these transactions.
Crypto exchanges Bitstamp and Bitso have long been Ripple’s partners in its XRP-powered cross-border payments project, which is built on RippleNet. Formerly known as on-demand liquidity (ODL), the blockchain behemoth has changed its name to Ripple Payments. As of late, this service is available in over 70 countries worldwide, according a recent Ripple report.
