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Millions of XRP Transferred to Top Exchanges As XRP Keeps Showing Weekly Rise

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Fri, 3/11/2023 - 7:46
Millions of XRP Transferred to Top Exchanges As XRP Keeps Showing Weekly Rise
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According to blockchain sleuth Whale Alert, over the last 24 hours, anonymous wallet owners have moved two remarkable XRP chunks to major crypto exchanges, and each transfer carried two dozen XRP worth millions of U.S. dollars.

Meanwhile, XRP's price continues to rise on a weekly basis, showing an increase of more than 10%.

50 million XRP sent to Bitstamp and Bitso

Whale Alert shared that anonymous whales shifted 25,400,000 XRP twice (each transfer worth $15,426,739) to two major exchanges – Bitstamp (EU-based) and Bitso (located in Mexico).

Bitso is a crypto unicorn that raised investments both from Ripple fintech giant and other companies several years ago.

Now, these two platforms collaborate with Ripple to help it conduct transnational payments based on its RippleNet network, utilizing XRP tokens. This ensures instant and low-cost money transfers in XRP, which are then converted into the local fiat currency upon arrival at the destination crypto exchange.

Among the anonymous whales, one turned out to be a wallet linked to Ripple Labs, according to Bithomp data.

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Ripple unlocks one billion XRP

As November began, fintech titan Ripple conducted what has become routine for it over the past six years – it unlocked one billion XRP tokens from escrow. This practice started in early 2018 to promote XRP on the crypto market and to support the coin's liquidity on exchanges.

These are programmed releases of XRP made every single month on the first day, without exceptions. As a rule, the majority of these unlocked billion coins then get moved back to escrow a day after the release.

This time it happened as well – the crypto behemoth transferred a whopping 800 million XRP back in two transactions of 400 million XRP each.

One billion XRP is currently worth $597,923,153 in fiat. The amount of 800 million XRP is evaluated at $478,338,522.

These colossal shifts of XRP do not usually have any impact on the XRP price.

XRP market performance

Since Sunday, Oct. 29, the fifth largest crypto by market capitalization value, XRP, has demonstrated a significant rise of 10.15%. If it had not been for a slight decline on Thursday this week, the price surge of XRP would have been even higher – 14.69%.

At the time of this writing, XRP is changing hands at $0.59694 on the Bitstamp exchange.

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