Half a billion XRP have been wired by crypto whales as XRP reclaims seventh spot from Cardano’s ADA
Whales have been observed as they move around 600 million XRP tokens; According to a series of recent tweets posted by Whale Alert, the two transfers involved 150 million XRP each.
One of the transactions was conducted by Ripple fintech behemoth as it moved crypto to its early ODL platform.
Meanwhile, XRP took the seventh spot from Cardano’s native token, and Ripple established a new remittance corridor between Mexico and Canada.
550 million XRP on the move, Ripple involved
Whale Alert crypto tracking service that publishes the details of large crypto transactions has spotted seven large XRP transfers, in which a total of 542.9 million XRP tokens were shifted.
The first two transactions each contained 150,000,000 XRP. Part of this was sent from major South Korean exchange Bithumb. The same amount of crypto was later transferred from this exchange to an anonymous wallet. It looks like it intends to sell or just Bithumb may be transferring funds between its own wallets.
One of these transfers was worth $50,102,336, and the second was evaluated at $50,327,984 as the exchange rate already changed a little by that time. The difference in these transfers was nearly three hours.
Ripple transferred 30,000,000 XRP to the Bitso exchange, which is based in Mexico and is the largest crypto trading venue in Latin America. It is also an ODL partner of Ripple. The transfer was made from Ripple’s RL18-VN wallet.
Over the past month, Whale Alert has been frequently reporting massive transfers of XRP on a weekly and sometimes even daily basis as whales have become more active in selling and buying this digital currency, which regained seventh place on CoinMarketCap. It had previously lost that position to ADA earlier.
New Ripple-powered Liquidity Corridor
The aforementioned Ripple partner and ODL Corridor, Bitso, recently decided to establish a remittance corridor between Mexico and Canada.
To achieve that goal, the exchange inked a partnership with African-Canadian payment system Africhange, which is focused on remittances between Africa and Canada.
Recently, there has been an increase in the number of Mexicans moving to Canada to work. The amount of cash he sent from his Canadian home is over $140 million. This new partnership will help Mexicans reduce costs while sending their families back home.
