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Ripple Sells Millions of XRP at Loss: Details

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Wed, 11/10/2023 - 15:21
Ripple Sells Millions of XRP at Loss: Details
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Crypto tracking service Whale Alert detected an impressive amount of XRP moved from an anonymous wallet to a crypto exchange on Oct. 10 — about 18 hours ago.

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The destination of this transfer initiated by an unknown blockchain address was the Bitstamp exchange. Still, data on that transaction provided by an additional source helped to reveal the true identity of the sender.

30.7 million XRP on move, XRP price down

Per a tweet published by Whale Alert, a total of 30,700,000 XRP evaluated at $15,315,061 in fiat was transferred to a Bitstamp wallet. Bithomp, a platform focused on XRP data, shows that the transaction was initiated by a wallet associated with Ripple Labs.

The company sent this impressive XRP chunk to the exchange, while XRP has been in the red over the last week and has dropped close to 8.5% within the last seven days, according to data provided by CoinMarketCap. Therefore, if this was a sale, Ripple sold the coins at a loss.

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Still, there is another opportunity: Bitstamp is one of Ripple's ODL platforms. ODL stands for On-Demand Liquidity, a RippleNet-based service of funds transfer, which utilizes XRP. Recently, however, Ripple has rebranded it into simply "Ripple Payments." Thus, by sending 30.7 million XRP to Bitstamp, Ripple could simply provide another lump of XRP necessary for ODL transfers to be made via Bitstamp in Europe.

A similar amount of XRP — 30,300,000 coins — was moved by Ripple to the same destination on Oct. 9, as covered by U.Today earlier.

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