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Over 746 Million XRP Moved in Last 24 Hours. Here’s Where They Are Heading

Ndianabasi Tom
By Ndianabasi Tom
XRP Makes Modest and Influential Return. Here's the Significance

The movement of millions of XRP between unknown wallets and top exchanges is becoming a daily routine in the crypto market. The fact that the whopping transactions have little or no effect on the price of Ripple’s digital token makes one wonder about the reason for these usual operations. While we will discuss that in the later part of this article, let’s dive into how much XRP has been shifted in the last 24 hours.

More Than 746 Million XRP Transferred in the Last 24 Hours

In the last 24 hours, a total of 746,367,374 XRP were moved between unknown wallets and top crypto exchanges including FTX, Bitstamp, and Bitso. Ripple, the major distributor of XRP was also involved in the whopping transactions.

Data from Whale Alert, the blockchain tracking and analytics platform that reports large crypto transactions, showed all transactions with the associated details. 

The largest transaction during this timeframe was the transfer of 165,000,000 XRP worth $58,985,368 at the time of execution from FTX to an unknown wallet. In close succession, 30,000,000 XRP worth approximately $10.73 million was transferred from an unidentified wallet to Bitso.

Read Also: World Economic Forum: Ripple Is Doing for Value What Internet Did For Information

Sequel to this, a movement of 40 million units of the Ripple digital token was observed flowing into Bitstamp from an unknown wallet. This transfer was worth about $14.35 million at the time of execution.

An identical transaction in terms of volume and dollar value was equally reported by Whale Alert, but this time, the transfer was made to Bitso.

As also revealed by Whale Alert, the accompanying large volume of XRP movement was the transfer of 50,119,375 tokens worth around $17.9 million from Bitstamp to an unknown wallet.

Bitso was again involved in another XRP token transfer. Here, 66,100,000 units of XRP worth $23,703,167 were sent to an unidentified wallet from an account on the exchange.

Read More: Ex-SEC Attorney Shares Reason Why XRP Should Be Treated Like Bitcoin and Ethereum

While 30 million XRP tokens were transferred from an unknown wallet to Bitstamp in another transaction, the next reported transaction was the tokens transferred to FTX, which totaled 30,029,999 XRP valued at $10.1 million at the time of execution.

In the same hour, Whale Alert reported another XRP token transfer to FTX from Bitstamp in this manner, “34,074,800 XRP (11,535,569 USD) transferred from Bitstamp to FTX.”

Again, 35 million XRP tokens worth $11,871,745 at the time of execution were moved from an unknown wallet to Bitstamp. Whereas, 36,043,200 XRP tokens worth $12,225,591 were transferred from Bitstamp to FTX.

Whale Alert then reported the second-largest XRP movement in the last 24 hours, which was the transfer of 140,000,000 units of XRP from FTX to an unknown wallet. Meanwhile, the transaction was worth $47,452,220 at the time of the operation. The last and 13th transaction in the duration of consideration was the transfer of 50,000,000 XRP sent from Ripple to an unknown wallet.

 

Read Also: Ripple Making Progress With CBDC Solutions: Details

Why These Huge Transfers?

At the time of writing, XRP is trading for $0.3374 per token. It is worth noting that these voluminous XRP movements have not significantly impacted the price of the 7th largest cryptocurrency by market capitalization. 

This is so because most of these large volume transactions are related to Ripple’s On-Demand Liquidity (ODL) service. As detailed above, these transactions mainly involved Ripple’s On-Demand Liquidity (ODL) cryptocurrency exchange partners including Bitstamp and Bitso.

Ripple, the crypto solutions company and leader in cross-border payment services, has continued to engage in XRP transactions across the border via its ODL partners. The volume of these transactions keeps increasing as Ripple’s ODL business gains wide adoption. 

In other words, as customers continue to expand the use of ODL beyond traditional remittances or individual payments, there has been an increase in Ripple’s treasury flows and bulk payments, which accounts for these huge XRP volumes on the Ripple network. 

According to a recent report, Ripple wrote that “certain wallets that are being used for XRP sales also provide short-term leases to market makers and participants. This is worth noting given they are often incorrectly interpreted by market participants as sales. Leases are ultimately returned to Ripple.” “The total amount of leases outstanding in Q2 2022 was 115.3 million XRP,” the report added.

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.
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