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165 Million XRP Again Transferred Around Several Exchanges and Unknown Wallets in Matter of Minutes

Tue, 07/26/2022 - 14:55
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Gamza Khanzadaev
Unusual XRP transactions keep happening around Bitstamp, Bitso and unknown wallets
165 Million XRP Again Transferred Around Several Exchanges and Unknown Wallets in Matter of Minutes
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Crypto whale tracker WhaleAlert once again signaled the appearance of millions of XRP transactions. The action took place in three steps, but this time it did not involve the Ripple wallet.

First, 60 million XRP were transferred from an unknown wallet to Bitstamp, the same exchange where Jed McCaleb's tokens were sold, and 40 million to Bitso, a crypto exchange based in Mexico. These transactions were made from the same unknown wallet. Then, 65.54 million XRP were transferred from the Bitstamp address to another unidentified wallet.

The total turnover was 165.54 million XRP, which at the time was equal to $55 million. These numbers are roughly consistent with other strange XRP transactions that occurred last week.

Are these XRP transactions really confusing?

Bitstamp and Bitso are some of the best-known cogs in Ripple's ODL mechanism and, overall, there is nothing strange about their presence in this transaction chain. On the contrary, similar transactions have been seen before with both of these venues. However, previous large transactions have never been preceded by such strong increases in XRP trading volume.

Another interesting pattern is that Ripple announced a major partnership with FOMO Pay, one of Singapore's leading payment systems. Recall that one of the possible reasons for the emergence of transactions was the imminent announcement of a major partnership involving XRP — which actually happened.

Perhaps if transactions continue to occur, we can further expect announcements from Ripple or XRPL in the near future, and they will become some sort of signal.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.