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Ripple Moves Millions of XRP to Bitstamp, With Price Jumping 7% This Week

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Tue, 31/10/2023 - 10:10
Ripple Moves Millions of XRP to Bitstamp, With Price Jumping 7% This Week
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Prominent blockchain tracker Whale Alert continues to spot large daily XRP transfers made by anonymous crypto whales as they move XRP to and from exchanges.

This time, the popular above-mentioned blockchain sleuth detected a big transaction, carrying tens of millions of XRP to a popular crypto trading platform and about the same amount moved from an exchange to an anonymous wallet. Details from a popular XRP explorer show that one of those anon wallets is related to Ripple Labs.

Whales shovel millions of XRP

In total, 55.3 million XRP were transferred by anonymous whales. A total of 30,000,000 XRP was withdrawn from Bybit; 25,300,000 XRP went to Bitstamp, worth $17,200,366 and $14,685,518.

Details provided by Whale Alert show that an anonymous wallet moved 30,000,000 XRP from Bybit into cold storage address. As for the transfer of 25,300,000 XRP to Bitstamp, Bithomp's source of analytics data shows that it was made by a wallet closely related to fintech giant Ripple based in San Francisco, U.S.

Bitstamp is one of the platforms that collaborates with Ripple on its payments solution which, in the past, was branded as On-Demand Liquidity (ODL). It is based on the RippleNet network and utilized XRP for instant cross-border payments, avoiding the usage of prepaid accounts on the receiver's end.

Over the past few months, Whale Alert has been seeing weekly and sometimes even daily transfers made by this Ripple-linked wallet to the Bitstamp and Bitso exchanges – both are collaborating with the fintech giant on its payments solution.

Bitstamp is a Ripple Payments bridge in Europe, while Bitso spreads and utilizes this technology in the Latin American market.

About a week ago, the above-mentioned source published details of an XRP transfer made by Ripple directly, which carried 70,000,000 coins.

Related

XRP price action

Over the past 24 hours, XRP demonstrated a more than marginal rise by nearly 6%, rising to the $0.58186 level from $0.55009. By now, however, the rise was dented by a small decline of 1.73%, which took XRP to the $0.57227 price mark.

Since Friday last week, the fifth largest cryptocurrency XRP, affiliated with Ripple, has put up an increase of 5.73%.

As the price has dropped over the span of the past 24 hours, whales have begun accumulating this digital asset to add to their bags, thus demonstrating that their bet on XRP continues and is getting stronger.

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