Whale Alert, a well-known blockchain platform that monitors significant cryptocurrency transactions, has discovered yet another huge XRP chunk sent by the crypto juggernaut Ripple Labs to the Bitstamp market.
The price of XRP has increased significantly during the past week by about 7%, reaching a new high of $0.52473. But early today, it abruptly dropped by almost 2%; it is presently trading at $0.51425.
Ripple shovels millions of XRP to Bitstamp
According to data published by XRP-focused analytics company Bithomp, an anonymous wallet that Whale Alert claimed to be associated with Ripple executed a significant transfer, sending a total of 28,600,000 XRP to the Bitstamp exchange.
The value of this cryptocurrency is $14,648,869. It’s important to note that Bitstamp is one of Ripple’s payment corridors, formerly known as On-Demand Liquidity (ODL), despite the fact that many people would think Ripple Labs was selling XRP here.
ODL works by sending the required amount of money in the form of XRP to a cryptocurrency exchange located in the country of destination, where it is converted into the local fiat currency before being withdrawn by the recipient.
https://x.com/whale_alert/status/1704244836738433280?s=20
In a recent announcement, Ripple said that it has decided to rename ODL as simply “Ripple payments service” in order to make it more approachable for users who might not be familiar with all the technical jargon.
Staggering XRP amounts moved by Ripple this week
Over the weekend, Ripple received a staggering 100,000,000 XRP from an unidentified cryptocurrency wallet, according to a report by Whale Alert. The aforementioned Bithomp platform indicated that the SideShift cryptocurrency exchange in Canada was the origin of that significant XRP transfer. The cryptocurrency community hasn’t received any explanations for this massive movement of cryptocurrency.
In addition, Ripple sent 75,000,000 XRP earlier this week to what Whale Alert thought was an anonymous account. Since Ripple was reportedly moving its XRP bags, it turned out to be one of the company’s blockchain wallets.
