Whale Alert, a cryptocurrency tracking website, has discovered two sizable XRP transactions to the well-known exchanges Bitstamp and Bitso that were performed using an anonymous wallet.
More than 51,000,000 XRP coins were shovelled as a result of these transfers. The sender wallet, according to the details of these transactions, could be connected to the massive blockchain project run by Ripple Labs.
A 5.11% decline in the price of XRP also occurred at the same time as transfers to the exchanges, most likely with the intention of selling those millions of XRP. In this instance, the previously stated wallet had a large XRP loss.
Close to 52 million XRP on the move, price declines
Unknown wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn transferred chunks of 25,400,000 XRP and 26,200,000 XRP around 11 hours ago, according to data released by Whale Alert. The millions of XRP—a total of 51,600,000 XRP valued at $31.7 million in fiat—were delivered to the Bitstamp and Bitso exchanges, respectively.
Meanwhile, the price of the XRP currency, which is associated with Ripple, has decreased by 5.11% since Thursday. It has fallen from the $0.65098 mark and is currently trading at $0.61576.
XRP has had a difficult week. On Monday, it fell more than 12% after a BlackRock fund manager denied rumours that the company was going to file for an ETF based on XRP. Following the transfer of the fraudulent XRP ETF filing case to the U.S. Department of Justice on Tuesday, there was an additional 10% decline.
Memes were made out of this phoney XRP ETF filing instance, which indicates that traders and investors may have a strong desire for such an exchange-traded fund these days.
Here’s where Ripple’s shadow is seen on transfers
The aforementioned r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn wallet is connected to the San Francisco-based financial giant Ripple, according to XRP-focused explorer Bithomp.
Consequently, it is more likely that this 51,600,000 XRP transfer was performed as a transaction to sustain the liquidity supply of Ripple Payments rather than to sell and add fiat monies to Ripple’s balance.
The cryptocurrency community formerly knew Ripple Payments as On-Demand Liquidity (ODL), but the name was changed early this year to make it simpler for outsiders to comprehend the basics of this system.
Unlike money transfers carried out by regular banks, Ripple Payments does not involve dealing with prepaid accounts because it operates on RippleNet and is powered by XRP. At the recent annual Swell event in the UAE, Brad Garlinghouse, the chief executive officer of Ripple, released data indicating that the system is presently operational in over 70 countries worldwide.
