Ripple Shifts 90.8 Mln XRP, Sending Some to ODL Corridor, and Receives 13.1 Mln XRP from Binance

News
Thu, 09/24/2020 - 13:34
Yuri Molchan
XRPL Monitor has revealed that Ripple transferred more millions of XRP, sending a portion to an ODL corridor and also receiving 13.1 mln XRP from Binance
Ripple Shifts 90.8 Mln XRP, Sending Some to ODL Corridor, and Receives 13.1 Mln XRP from Binance
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Recent data from the XRPL Monitor transaction tracker reveals that, over the past twenty hours, the blockchain decacorn Ripple made several transfers of 90.8 mln XRP in total and received 13.1 mln from Binance.

Slightly under 100 mln XRP wired by Ripple

As per tweets posted by popular XRP transaction tracker XRPL Monitor over the past twenty hours, the San Francisco-based DLT giant Ripple shifted 90.8 mln XRP, or $20,469,584.

These funds were transferred between wallets called "Ripple" and RL18-VNwhich some believe to be one of Ripple's alternative escrow wallets.

Ten mln XRP was transferred to the Bitstamp exchange in Luxembourg, which is known to be Ripple's ODL corridor in Europe.

XRP
Image via Twitter

Some of the current ODL corridors built together with MoneyGram function in Mexico, Australia, Europe and the Philippines.

However, Ripple recently announced that it intends to set up a few more corridors in developing countries in Africa, Latin America and Asia.

Via ODL, the sender converts his/her currency into XRP, it takes a few minutes to send it and the receiving exchange converts XRP into the local fiat currency.

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Binance wires 13.1 mln XRP to the Ripple giant

XRPL Monitor also tweeted that Binance sent 13.1 mln XRP to a Ripple wallet. This constitutes 2,949,975 in fiat USD.

One of the possible explanations that users discuss on social media is that the trading giant Binance sends "redundant" XRP back to Ripple.

In other cases, Ripple transfers large stacks of XRP to Binance, which can be explained by heavy sales or by Ripple's desire to keep XRP liquidity at a high level.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.