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Millions of XRP Tokens Moved to Major Exchanges - Is Sell-off Coming?

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Fri, 13/10/2023 - 12:27
Millions of XRP Tokens Moved to Major Exchanges - Is Sell-off Coming?
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Whale Alert tracker has noticed that within the last 24 hours, anonymous wallet addresses made two transfers to leading crypto trading venues Bitso and Bitstamp, carrying close to 64 million XRP in total.

That amount of crypto is equal to roughly $30.6 million in fiat.

64 million XRP on move, here's who stands behind this

According to recently published tweets by the aforementioned tracking service, chunks of 31,200,000 XRP and 32,600,000 XRP have been transferred to crypto exchanges Bitstamp (located in the EU) and Bitso (crypto unicorn based in Mexico, the largest crypto exchange in Latin America).

According to the details of the transactions provided by Whale Alert, both of these transfers were made from the same anon wallet, r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn. Further details shared by Bithomp show that this wallet is linked to crypto decacorn Ripple Labs.

Thus, the San Francisco-based crypto giant has moved 64 million XRP to these exchanges.

Related

Here's Ripple's goal

This is the third time this week that Ripple has sent more or less similar amounts of crypto to these two exchanges. On Oct. 11, 23,700,000 XRP were shifted to Bitso and 31,200,000 XRP went to Bitstamp, per data from Whale Alert.

On Tuesday, an anonymous wallet again moved 30,700,000 XRP to Bitstamp. In all of these cases, the initiator of these transactions was Ripple Labs.

Aside from the possibility of Ripple selling these large amounts of XRP, there is another possible explanation. Bitso and Bitstamp are among the platforms that collaborate with Ripple on ODL, its On-Demand Liquidity solution that utilizes XRP for instant cross-border payments. Recently, Ripple decided to rebrand ODL into simply "Ripple Payments" to make it easier for outsiders to understand.

Since the start of the week, Monday, Oct. 9, the fifth largest cryptocurrency, XRP, has lost 7.55%, falling from the $0.51947 to the $0.48024 level, where it is changing hands at the time of this writing on the Bitstamp exchange.

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