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Ripple Keeps Moving Millions of XRP to Bitstamp as Whales Grab Billions of It

Tue, 10/10/2023 - 12:53
Ripple Keeps Moving Millions of XRP to Bitstamp as Whales Grab Billions of It
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Prominent crypto tracker Whale Alert spread the word about a massive XRP transaction, carrying tens of millions of XRP to the Bitstamp platform from an unknown wallet.

The amount of 30.3 million XRP overall was sent to Bitstamp, per the above-mentioned source. This is the second crypto transfer of that size spotted by Whale Alert this week. On Oct. 8, an anonymous address shifted 29,000,000 XRP.

Ripple transfers 119 million XRP – purpose?

Details unveiled by the XRP-centred data platform Bithomp show that in both cases the initiator of the transfers was San Francisco-based fintech behemoth Ripple Labs.

Last month, as reported by U.Today, Ripple also moved tens of millions of XRP to Bitstamp, and once, Whale Alert also detected a transaction made to the Bitso exchange. Overall, Ripple has transferred 119,000,000 XRP worth $59,199,878.

It is worth noticing that both Bitso and Bitstamp are platforms that collaborate with Ripple on "Ripple Payments" service, formerly known under the name "On-Demand Liquidity" (ODL). The rebranding took place just recently since ODL is hard for outsiders to understand, therefore, the name Ripple Payments was picked.

ODL utilized XRP as a currency for transferring funds in transnational payments to other ODL platforms. This is much faster and cheaper compared to traditional bank payments (including SWIFT) and does not involve prepaid accounts.


50 million XRP gone from, whales now hold $8 billion in XRP

Aside from the aforementioned transactions, Whale Alert reported on Oct. 9 that a staggering chunk of 50,000,000 XRP was shoveled from exchange.

The unexpected receiver of this massive XRP chunk was a wallet of Binance exchange, according to the data shared by Bithomp.

According to a recent tweet by Santiment on-chain data vendor, the whale activity on XRP Ledger has dropped significantly compared to the last two calendar years. Still, regardless of that, XRP whales have still been accumulating XRP coins.

Per Santiment, shark and whale wallets, which contain 100,000-100,000,000 XRP, have increased their holdings from $7.16 billion worth of XRP in 2022 to $7.89 billion worth this year.


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