Amid the heavy market downturn triggered by the US Federal Reserve’s latest convention, Ripple and Binance moved hefty amounts of the XRP token yesterday.
The movement of heavy volumes of XRP by whales continues non-stop. This time around, the largest cryptocurrency exchange by 24-hour trading volume, Binance, and the San Francisco-based crypto solutions company Ripple, joined the chorus.
Per Whale Alert data, Ripple moved a whopping 100 million XRP on Monday to an unknown wallet and it was worth approximately $36.9 million at the time of execution.
On the other hand, Binance transferred 34.1 million XRP to an unknown destination at 09:03 UTC Monday. This transaction was worth $12.4 million at the execution time.
Cumulatively, the two top entities moved 134.1 million XRP within 24 hours with the motive of the shufflings unknown to the public. But given that Ripple moves this range of tokens monthly, it is speculated that the 100 million XRP moved on Monday is for On-Demand Liquidity (ODL) purposes and company financing.
In addition, data extracted by Times Tabloid from the top whale-tracking Twitter channel showed that XRP whales shifted 230 million tokens within 24 hours.
Notably, the largest single transfer in this series of whale actions saw 144 million XRP move from one wallet to another wallet. The value of the transfer was approximately $53.6 million at the execution time on Monday.
Shortly after this heavy transfer, an unknown wallet moved 45,000,000 XRP worth $16.6 million to the Bitstamp trading platform. As shown by Whale Alert, 41.6 million XRP (valued at $15.4 flowed out of the Bitso crypto exchange to an unknown wallet.
These frequent XRP movements come despite the troubles currently being faced by the 6th-largest asset courtesy of the U.S. SEC. But Ripple’s general counsel Stuart Alderoty noted that the XRP lawsuit could receive a summary judgment for the judge by the end of March.
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