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Millions of XRP Moved by Ripple Giant as XRP Price Prints 3 Green Candles

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Wed, 6/12/2023 - 12:14
Millions of XRP Moved by Ripple Giant as XRP Price Prints 3 Green Candles
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Popular tracking bot Whale Alert, which releases the details of large cryptocurrency movements to the blockchain community on a daily basis, has spotted two large XRP transfers, carrying more than 83 million XRP cumulatively.

The sender address of the largest one clearly belongs to Ripple DLT decacorn. Meanwhile, the XRP price has succeeded in rising over the past 24 hours, and it is currently targeting a higher increase.

Ripple transfers 83.8 million XRP to various wallets

According to the above-mentioned source, Ripple made an impressive transfer of 60,000,000 XRP worth $37,039,282 in fiat. The transaction sent the funds to a wallet with an unknown owner, Whale Alert stated.

Details of the transfer provided by the XRP-centered explorer Bithomp shows that, after all, these millions of XRP were sent to a Ripple-linked wallet and have so far continued to stay within the company.

The second transaction, where 23,800,000 XRP were wired from an address with an unregistered owner to the Bitstamp crypto trading venue, was initiated by an anon blockchain address. However, the above-mentioned XRP explorer showed that it was also made from a Ripple-linked wallet.

This transaction may first look like a sale made on a recent XRP price surge. However, Bitstamp is known to be one of Ripple’s long-term partners that support its “Ripple Payments” platform used for instant and low-fee monetary transactions transnationally. “Ripple Payments” is powered by RippleNet network and uses XRP tokens, which are later converted into the local fiat currency, depending on the country of destination. Until the fall this year, “Ripple Payments” was widely famous as “On-Demand Liquidity” (ODL).

Other platforms for this service that collaborate with Ripple include Mexico-based Bitso, Coins.ph in the Philippines and major South Korean exchange Bithumb.

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XRP price goes up 

Over the past 24 hours, the XRP/USD price managed to stage a rise of 4.37% as it surged from the $0.60876 level to $0.63539. This rise, consisting of three consecutive green candles, was followed by a slight decline, which pushed XRP down merely 0.43%.

XRP, along with the rest of the crypto market, has been on the rise, as flagship cryptocurrency Bitcoin has been demonstrating a massive price surge over the past few days, and earlier today it succeeded in topping $44,000.

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