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Ripple Moves 97 Million XRP as Price Rises, Community Intrigued

Wed, 27/12/2023 - 14:50
Ripple Moves 97 Million XRP as Price Rises, Community Intrigued
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Cryptocurrency wallet tracker Whale Alert, which reports the details of large transactions by whales and cryptocurrency exchanges, has reported that over the last 24 hours, it spotted a jaw-dropping amount of XRP moved by anonymous wallets and Ripple fintech decacorn.

In the meantime, the XRP community has been making wild guesses as to who could have made these massive XRP transactions and whether they may have any impact on the coin’s price. The latter has shown a mild increase.

Binance shovels 440 million XRP

The source above spread the word about four large transactions that moved astounding chunks of the Ripple-affiliated cryptocurrency. The largest chunk contained 300,000,000 XRP evaluated at $185,083,895. The smaller one carried 139,374,499 XRP worth $86,206,784.

These were the two biggest transfers here. The first one was a withdrawal from Binance to an anonymous blockchain wallet. Besides, data shared by XRP-centered explorer Bithomp shows that 139 million XRP were actually transferred between two wallets that belong to the Binance exchange too. The destination of the 300 million XRP transfer was also an address affiliated with Binance; therefore, they were both merely internal transfers made by the largest crypto trading platform.


Almost 100 million XRP transferred by Ripple

The most recent tweet published by Whale Alert showcases two transactions, carrying 70,000,000 XRP and 27,800,000 XRP – the equivalents of $43,171,395 and $17,198,375 in fiat currency.

The 70-million transfer was conducted by Ripple fintech heavyweight – it moved these funds in an unknown direction. The 27.8 million transfer was initiated by an unidentified wallet and sent to the Bitstamp cryptocurrency exchange.

Bithomp has revealed, however, that the former transaction was moved to a wallet belonging to Ripple, making it an internal XRP transfer. As for the latter, according to Bithomp, it was a transfer made by a Ripple-connected wallet to Bitstamp. This exchange is among those cryptocurrency trading platforms that collaborate with Ripple to support “Ripple Payments” platform, which runs on RippleNet and ensures fast and low-cost transnational payments using XRP. Until the fall of this year, it used to be widely known as On-Demand Liquidity. Ripple chose to rebrand it so as to make it easier to understand for those customers and users who are not familiar with crypto and are not tech-minded.


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