Notable XRP transfers initiated some hours ago have piqued the interest of blockchain enthusiasts, and there are telltale signs of Ripple’s involvement. Whale Alert, a prominent blockchain whale tracking service, has unveiled intriguing data. Anonymous whales orchestrated substantial transfers involving over 400 million XRP, and these transfers are linked to Ripple Labs.
The first transfer involved an anonymous wallet moving a staggering 412,334,412 XRP ($213.37 million) to another anonymous wallet. Following this, Whale Alert reported the transfer of 26,500,000 ($13.8 million) XRP from another unknown wallet to Bitstamp, a Ripple On-Demand Liquidity (ODL) partner.
The total value of these two XRP transactions was nothing short of eye-catching. What’s especially noteworthy is that Bithomp, the XRP Ledger (XRPL) explorer, traced the second transfer back to Ripple. It was a routine transfer of XRP to Bitstamp. Ripple has been making these transfers for a long time, raising the question of why Ripple consistently makes these whopping transactions to Bitstamp.
Transferring XRP ranging from 26 million to 30 million to Bitstamp and occasionally to Bitso, a prominent Mexico-based crypto exchange, has become a pattern for Ripple. This recurrent behavior suggests that these transactions go beyond mere cryptocurrency sales.
Both of these trading platforms have held longstanding partnerships with Ripple, and are major users of Ripple’s On-Demand Liquidity (ODL) service for cross-border payments.
These transactions could also show interest from institutional investors in XRP. Shiba Inu (SHIB) has seen its fair share of whale transactions recently, and similar investors could be showing interest in XRP.
Ripple has also been experiencing whale activity, which coincides with the U.S. Securities and Exchange Commission (SEC) dropping its lawsuit against Brad Garlinghouse and Chris Larsen. Ripple’s string of victories over the SEC might have inspired confidence in these big investors, and this influx could help XRP in the long term.
The XRP transfers between Ripple and Bitstamp and other exchanges like Bitvavo often spark selloff concerns in the XRP community. However, Ripple has always been careful when handling its XRP holdings. The firm has consistently claimed that those transactions are necessary for liquidity.
We might never find out the true reason for these transfers, but most of it can be explained by the use of XRP in ODL services to settle international transactions. As we watch these developments unfold, the cryptocurrency community eagerly waits to see Ripple’s next moves.
Follow us on Twitter, Facebook, Telegram, and Google News
The cryptocurrency market is exhibiting a strong bullish tendency, with Bitcoin (BTC) and Ethereum (ETH)…
As the XRP price falters, investors are beginning to find other options. Recent shifts in…
With cryptocurrency adoption on the rise, digital assets are becoming integral to global finance. For…
Crypto market analysts have made bold assertions about the potential of FX Guys ($FXG) to…
The surge of interest in meme coins continues unabated as new digital assets promise phenomenal…
XRP price has hit resistance after a recent rally, with several crypto enthusiasts attributing this…