Main navigation

Whales Shift 550 Million XRP as They Might Be Selling

Thu, 09/08/2022 - 10:17
article image
Yuri Molchan
Half a billion XRP have been wired by crypto whales as XRP reclaims seventh spot from Cardano's ADA
Whales Shift 550 Million XRP as They Might Be Selling
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Whales have been spotted as they transferred nearly 600 million XRP tokens; two of these transfers carried 150 million XRP each, per a series of recent tweets posted by Whale Alert.

One of the transactions was conducted by Ripple fintech behemoth as it moved crypto to its early ODL platform.

In the meantime, XRP has reclaimed seventh place from Cardano's native coin, and Ripple set up a new remittance corridor between Mexico and Canada.

550 million XRP on the move, Ripple involved

Whale Alert crypto tracking service that publishes the details of large crypto transactions has spotted seven large XRP transfers, in which a total of 542.9 million XRP tokens were shifted.

The first two transactions carried a whopping 150,000,000 XRP each. One of these chunks was sent from major South Korean exchange Bithumb. Exactly the same amount of crypto was later moved from this exchange to an anonymous wallet. It looks like an intention to sell or could be just Bithumb shifting funds between its own wallets.

One of these transfers was worth $50,102,336, and the second was evaluated at $50,327,984 as the exchange rate already changed a little by that time. The difference in these transfers was nearly three hours.

Ripple moved 30,000,000 XRP to Bitso exchange, which is based in Mexico and is the largest crypto trading venue in Latin America. It is also an ODL partner of Ripple. The transfer was made from Ripple's RL18-VN wallet.

Over the past month, Whale Alert has been frequently reporting massive transfers of XRP on a weekly and sometimes even daily basis as whales have become more active in selling and buying this digital currency, which regained seventh place on CoinMarketCap. It had previously lost that position to ADA earlier.

Related
XRP Lawsuit: John Deaton Gives Reason Why SEC Would Have Been "Wrong" if It Had Classified ETH Security

New Ripple-powered liquidity corridor

The aforementioned Ripple partner and ODL corridor, Bitso, has recently decided to set up a remittance corridor between Mexico and Canada.

To achieve that goal, the exchange inked a partnership with African-Canadian payment system Africhange, which is focused on remittances between Africa and Canada.

As of late, the number of Mexicans moving to Canada to work has increased. The amount of cash sent by them from Canada home exceeds $140 million. This new partnership should help Mexicans to reduce costs while sending remittances to their families back home.

article image
About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.