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54 Million XRP Sent to Bitstamp As Price Drops 6%, Here’s Why It Might Be Important

Mon, 10/31/2022 - 16:56
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Yuri Molchan
Millions of USD in XRP were sent to Bitstamp within just two hours
54 Million XRP Sent to Bitstamp As Price Drops 6%, Here’s Why It Might Be Important
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Prominent cryptocurrency tracker Whale Alert has reported that over the past 2 hours, two large amounts of Ripple-affiliated cryptocurrency, XRP, was transferred to the Bitstamp exchange.

Details shared by XRP-focused Bithomp wallet tracker reveal why it may be important for the market.

54 million XRP head for Bitstamp from institutions?

Two massive transactions, carrying 25,000,000 and 29,500,000 XRP, were sent to Bitstamp by wallets tagged by Whale Alert as “unknown”. These transfers together are worth roughly $14.5 million at the present exchange rate.

The aforementioned platform Bithomp revealed that the senders’ addresses belong to BitGo, of the largest crypto custody services in the industry based in the US.

BitGo stores crypto mainly for financial institutions, so these transactions could have been sent by institutional crypto investors to Bitstamp as XRP has been losing value over the past few days.

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XRP declines 6%

Over the weekend, according to TradingView, XRP price has dropped 6.06 percent on the Bitstamp exchange. By now, the price has begun to recover and is already made a little move upwards.

Over the weekend, an anonymous XRP whale transferred a whopping 313,218,266 XRP evaluated at $148,102,802. This enormous amount of crypto was shifted in a single transaction.

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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.

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