Nearly 64 million XRP tokens have been transferred to these well-known cryptocurrency exchanges. This movement raises questions about a possible selling spree.
The Whale Alert tracker observed that in the past day, unidentified wallet addresses completed two transactions. These transfers sent nearly 64 million XRP to prominent cryptocurrency exchanges, Bitso and Bitstamp. In fiat currency terms, this amount equates to approximately $30.6 million.
64 million XRP on the move: Who’s Behind It?
According to tweets from the tracking service, two transactions involving 31.2 million XRP and 32.6 million XRP were sent to the Bitstamp exchange in the European Union and Bitso, a major crypto exchange based in Mexico and the largest in Latin America.
🚨 31,200,000 #XRP (15,018,182 USD) transferred from unknown wallet to #Bitstamphttps://t.co/H1takqh53D
— Whale Alert (@whale_alert) October 12, 2023
Whale Alert’s transaction details reveal that both transfers originated from the same anonymous wallet, r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn. Additional information from Bithomp indicates that this wallet is associated with Ripple Labs, a prominent cryptocurrency company.
🚨 32,600,000 #XRP (15,692,075 USD) transferred from unknown wallet to #Bitsohttps://t.co/TVIg5MGRZM
— Whale Alert (@whale_alert) October 12, 2023
This means that Ripple Labs, headquartered in San Francisco, has transferred a total of 64 million XRP tokens to these exchanges.
Ripple’s Aim
This week marks the third occasion where Ripple transferred a similar amount of cryptocurrency to Bitso and Bitstamp. n October 11, they moved 23,700,000 XRP to Bitso, and 31,200,000 XRP were sent to Bitstamp, as reported by Whale Alert. Another transfer occurred on Tuesday, with 30,700,000 XRP moved to Bitstamp. Each time, these transactions were initiated by Ripple Labs.
Apart from the possibility of Ripple selling these substantial XRP amounts, there’s another potential explanation. Bitso and Bitstamp are part of Ripple’s ODL (On-Demand Liquidity) network, which leverages XRP for instantaneous cross-border payments.
Recently, Ripple rebranded ODL as “Ripple Payments” to simplify its understanding by outsiders. Since the week’s beginning on Monday, October 9, XRP, the fifth-largest cryptocurrency, has seen a 7.55% decrease, dropping from $0.51947 to $0.48024, where it’s currently traded on the Bitstamp exchange.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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