Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As per recent Whale Alert tweets, two major crypto exchanges, one of which operates as Ripple's ODL platform, have shoveled almost 54 million XRP.
53.5 million XRP on the move
The aforementioned popular crypto tracker has reported that over the past 14 hours, two heavy XRP transfers have been made, carrying 30,000,000 and 23,500,000 XRP. These two XRP lumps together are worth $43,162,490.
The first lump was transferred from a Bittrex address to Bitso—the largest crypto exchange in Latin America based in Mexico. The latter became a crypto unicorn after raising $250 million in an investment round in early May 2021.
Bitso is Ripple's major ODL spot
The total evaluation of the company back then was $2.2 billion. Initially, Ripple made an undisclosed investment into Bitso in the fall of 2019, making it its ODL partner.
Back in 2019, when the aforementioned investment of Ripple was made, Bitso revealed that operations with the XRP/MXN pair accounted for 80% of its trading volume.
In 2020, it was reported that Bitso planned to use Ripple's ODL technology to process 20% of all remittances sent to Mexico. At that time, remittances made from the U.S. to Mexico comprised a staggering $35 billion annually.
XRP is down more than 5% as crypto bloodbath continues
Following the slump of the stock market, the cryptocurrency market has been hit by a ricochet. The leading digital currencies—Bitcoin and Ethereum—have lost almost 4% and 5%, respectively.
The other top 10 assets are also down at the moment, including ADA and XRP. The Ripple-affiliated token is down more than 5%, changing hands at $0.7756 at press time.
Mushumir Butt
Alex Dovbnya
