Over the last 24 hours, there has been a massive movement of XRP from one wallet to another. In the past, these movements are mostly between unknown wallets and Ripple’s ODL partners such as Bitstamp, Bitso, and others.
At times, Ripple, the leading cross-border payment firm based in San Francisco, also gets involved in the massive movement of XRP. Most times, these transfers are meant to create liquidity around the embattled digital token.
Read Also: XRP Ledger Has Processed Over 75 Million Blocks, Indicating Rapid Adoption of Ripple Solutions
According to Whale Alert, the tracker of large transactions of cryptocurrencies between known and unknown wallets, Ripple was also involved in the movement of XRP in the last 24 hours.
The whales’ tracking platform reported that Ripple transferred a total of 50 million XRP worth $24.3 million to an unknown wallet.
Whale Alert tweeted, “50,000,000 XRP (24,398,253 USD) transferred from Ripple to unknown wallet.”
Although there is no means to identify the receiver of the whopping XRP moved by Ripple, the firm’s movements of the digital token in the past are mostly linked to its On-Demand Liquidity (ODL) solution. So, the recent movement is no exemption.
Read Also: Ripple CEO Brad Garlinghouse Speaks On When XRP Lawsuit Would End
Aside from Ripple, other entities also initiated massive transactions of XRP in the last 24 hours, according to Whale Alert.
As reported by the whales’ tracking platform, a total of 25 million XRP worth $12.39 million was transferred by an unknown whale to Bitstamp exchange.
Also, a movement of 100 million XRP worth $50.05 million was spotted. According to Whale Alert, the transaction involved two unknown wallets.
The transfer of 110.2 million XRP also involved two Bitso addresses and two unknown wallets in the last 24 hours. It should be noted that the Mexico-based exchange is also Ripple’s ODL partner as earlier mentioned.
The leading crypto exchange, Crypto.Com also got involved in the massive transactions of Ripple’s digital token XRP in the last 24 hours.
According to Whale Alert, about 21 hours ago, a total of 80 million XRP worth $35.6 million was moved from Crypto.Com to a wallet of unknown origin.
Whale Alert tweeted, “80,000,000 XRP (35,670,260 USD) transferred from #CryptoCom to unknown wallet.”
Read Also: XRP is a Standard That Will Be Adopted Globally, Popular US Music Producer “E. Smitty” Roars
At the time of filing this report, XRP is trading at $0.4988, with a relatively 9% price upsurge in the last 24 hours, according to CoinMarketCap.
It’s also worth noting that XRP is currently the best-performing asset among the top 10 cryptocurrencies over the last 24 hours, which can be attributed to the latest positive developments in the ongoing lawsuit between Ripple and the U.S. SEC.
Follow us on Twitter, Facebook, Telegram, and Google News
After rejecting a listing on Binance, Scorpion Casino charts a new course to navigate regulatory…
Despite numerous bullish predictions, XRP has stayed relatively stagnant, discouraging the community with its underperformance.…
Prominent attorney Jeremy Hogan predicts the U.S. Securities and Exchange Commission (SEC) may prevail in…
The story of a high school student turning a small Bitcoin investment into millions is…
The cryptocurrency market is witnessing significant dynamics across various tokens, each at different stages of…
Shiba Inu's layer-2 blockchain solution, Shibarium, recently underwent a successful hard fork. This significant upgrade…