A large volume of XRP transfers involving unknown wallets and top exchanges like Bitstamp and FTX are becoming very frequent. However, the price of the digital token is not significantly impacted by these voluminous tokens on the move.
Data from Whale Alert, a platform that tracks and reports all high-volume transactions in the cryptocurrency market, showed that a whopping 226,378,630 XRP worth approximately $100 million at press time, were moved in just four transactions on Wednesday.
A greater volume of the XRP transfers was done via the Bitstamp exchange while the remaining transfer was done courtesy of the FTX exchange.
Whale Alert reported that the transfer of 146,378,630 XRP tokens worth approximately $63 million at the current exchange rate, were executed via Bitstamp in three transactions, while Sam Bankman-Fried’s FTX exchange processed 80 million XRP transfers worth $34.4 million into a wallet of unknown origin.
Read Also: Ripple CEO: SEC Is Busy Scrutinizing XRP While U.S. Continues To Lag Behind Other G20 Countries
Details of the XRP Movements
The first of the four transactions reported by Whale Alert was the movement of 80,000,000 XRP which equated to $35,564,493 at the time of execution from the popular crypto exchange network, FTX, to an unknown wallet.
🚨 🚨 🚨 80,000,000 #XRP (35,564,493 USD) transferred from #FTX to unknown wallethttps://t.co/SrWflMd6TT
— Whale Alert (@whale_alert) September 27, 2022
This was closely followed by a 60 million XRP tokens transfer from another whale wallet to the Bitstamp exchange. This transaction was worth $26,947,254 at the time of execution.
🚨 🚨 60,000,000 #XRP (26,947,254 USD) transferred from unknown wallet to #Bitstamphttps://t.co/RBn8StiqM6
— Whale Alert (@whale_alert) September 28, 2022
One minute later, Whale Alert reported another outgoing transfer from the Bitstamp exchange network. In this transaction worth $27,117,305 at the time of execution, 60,378,630 XRP were transferred from Bitstamp to a Ripple whale wallet address.
Read Also: Ripple CEO Brad Garlinghouse Slams the SEC in Defense of Ethereum, Says He Holds BTC, ETH, XRP
Still involving the same crypto exchange, the last of the four transactions was the transfer of 26 million units of XRP tokens worth $10,987,461 at the time of execution from an unidentified wallet to the Bitstamp exchange.
The update read, “26,000,000 #XRP (10,987,461 USD) transferred from unknown wallet to Bitstamp.”
🚨 26,000,000 #XRP (10,987,461 USD) transferred from unknown wallet to #Bitstamphttps://t.co/xTdJpWxk6X
— Whale Alert (@whale_alert) September 28, 2022
Considering that these operations haven’t directly impacted the price of XRP either in the upward or downward direction, it is safe to say that these ~226 million XRP tokens transfers were related to Ripple’s On-Demand Liquidity (ODL) service.
Meanwhile, the XRP lawsuit filed against Ripple and two of its top executives Brad Garlinghouse and Christian Larsen is still underway with many interesting facts being unfolded by Ripple CEO Brad Garlinghouse and the attorneys that are close to the matter.
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