Ripple Giant Parts with 20 Mln XRP, Half Goes to EU ODL Corridor

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Mon, 08/24/2020 - 08:18
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Yuri Molchan
XRPL Monitor has witnessed a major transfer of $5,757,621, half of which was sent to its European ODL corridor based on Bitstamp
Ripple Giant Parts with 20 Mln XRP, Half Goes to EU ODL Corridor
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Recent data shared by XRPL Monitor states that the blockchain monster Ripple has kicked around a large amount of XRP in-house and sent 10 mln XRP to the Bitstamp exchange based in Luxembourg. Bitstamp is Ripple's European ODL corridor.

Ripple throws away 10 mln XRP

Ten million XRP$2,877,682was sent from Ripple’s RL18-VN wallet, a wallet set up back in 2013 when Ripple was still known as Open Coin. This is according to data from Bithomp, which deals with XRP analytics.

That was also the year when Jed McCaleb left the company, giving up his CTO position and going off to try his own ideas. This led to the creation of Stellar Lumens, a company similar to Ripple regarding its cooperation with financial institutions.

10 mln XRP goes to an ODL corridor

Bitstamp is one of the crypto exchanges that runs Ripple-based ODL corridors. ODL, or On-Demand Liquidity, is a Ripple product that helps conduct transnational payments quickly and cheaply without prefunding Nostro accountsusing XRP.

The sender converts cash into XRP and sends it, while the receiver then cashes out the XRP into the local currency.

According to a tweet from XRPL Monitor, the other 10 mln XRP were transferred to that destination.

Ripple's other ODL corridors are located in Mexico, Australia and the Philippines. The company intends to set up more of these ODL ports by the end of 2020.

XRP
Image via Twitter

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Chris Larsen transfers XRP lump to Coinbase Pro

Previously, U.Today reported that the former chief of the company Chris Larsen (who is still the executive chair at Ripple) sent 15 mln XRP to Coinbase Pro.

Meanwhile, another former Ripple bigwig, Jed McCaleb, again sent 6.1 mln XRP to cash out.

No new XRP liquidity highs on Bitstamp

The XRP liquidity index has long been low on Ripple's ODL corridors, including on Bitstamp, the XRP/EUR corridor.

The Twitter account that tracks XRP metrics states that, at the moment, the value of this index totals only 6,298,303, whereas the recent ATH is 35,746,047.

XRP
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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.