288.5 Million XRP Shifted by Ripple ODL Partner and Binance, While XRP Drops 20%

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Tue, 02/23/2021 - 11:28
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Yuri Molchan
Ripple BTC Markets ODL partner, Binance and a few other crypto exchanges have transacted a total of 288.5 million XRP; meanwhile XRP loses almost 20 percent overnight
288.5 Million XRP Shifted by Ripple ODL Partner and Binance, While XRP Drops 20%
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According to crypto tracker Whale Alert, over the past 15 hours, a mammoth-sized amount of close to 289 million XRP coins has been transacted by one of Ripple's ODL platforms, Binance trading giant and several other crypto exchanges.

Meanwhile, the seventh largest coin, XRP, has dropped to the $0.44 level, losing almost 18 percent over the past 24 hours, according to CoinMarketCap.

Over $131 million in XRP shifted by crypto exchanges

Whale Alert has shared that one of Ripple's ODL platforms, Australia-based BTC Markets, Binance and several other crypto trading platforms have shifted 288.5 million XRP.

In fiat, this represents a whopping $131,050,602.

The two largest lumps of 102 million and 110 million XRP were transferred by the Binance and Bybit exchanges. Besides, Binance wired its 102,000,000 XRP to Bybit, and Bybit shifted 110,332,000 XRP between its wallets.

Binance also received 20,999,979 XRP coins from BTC Markets, an Australia-based crypto exchange that also serves as Ripple's local ODL platform.

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Image via Twitter

Details of the aforementioned XRP transactions were provided by Bithomp analytics website.

Related
Ripple Anticipates Resumption of MoneyGram Partnership

MoneyGram quits partnership with Ripple

As reported by U.Today on Monday, U.S.-based remittance behemoth MoneyGram announced that it had suspended trading on the On-Demand Liquidity (ODL) platform provided by Ripple and will not be benefiting from Ripple's market development fees in the first quarter this year.

The reason for this move by MoneyGram was the lawsuit initiated by the SEC against the fintech decacorn in December 2020.

Initially, MoneyGram stated that it would monitor the situation between the securities regulator and Ripple. Back in December and January, several major exchanges announced they would be suspending XRP trading.

Among them were Coinbase, Binance US, eToro, Bittrex and other digital exchanges.

Two years ago, the San Francisco-based blockchain company invested around $50 million in MoneyGram to become a holder of 10 percent of its shares. In the fall of 2020, however, Ripple sold a substantial amount of MoneyGram shares.

Still, Ripple hopes to resume the collaboration soon enough. Ripple's Asheesh Birla has confirmed that the remittance giant has already stopped using ODL, but the contract between the companies is still in place.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.