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XRP Price Rises 8%, Hundreds of Millions of XRP Deposited to Top Exchanges, Here's Mysterious Seller

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Thu, 23/11/2023 - 13:16
XRP Price Rises 8%, Hundreds of Millions of XRP Deposited to Top Exchanges, Here's Mysterious Seller
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Popular blockchain sleuth Whale Alert has detected two large XRP transactions as millions of XRP coins were deposited to major crypto exchanges Bitstamp and Bitso.

Over the past three days, there have been a lot more of these transfers, and more than 271 million XRP have been shoveled both to exchanges and between anonymous blockchain addresses.

In the meantime, the exchange rate of the Ripple-affiliated XRP cryptocurrency has shown a significant increase of 7.95% to market participants over the past 24 hours.

Hundreds of millions of XRP on move

Since Nov. 21, the above-mentioned data source has spotted six large XRP transactions; two of them carried 90,000,000 XRP and 85,000,000 XRP, and the other three moved funds of not more than 30 million XRP coins each.

On Nov. 21, the crypto tracker reported the details of four transactions, some of which were made consecutively: 90 million XRP, 85 million XRP, 25.5 million XRP and 27 million XRP. All of these chunks of crypto were evaluated at $138.8 million in fiat currency.

The 90,000,000 XRP were moved by Ripple tech behemoth to an unknown wallet, according to Whale Alert. A total of 85,000,000 XRP was exchanged between anonymous blockchain addresses. And 27,000,000 and 25,500,000 XRP were shifted to the Bitstamp crypto trading venue.

Here's who stands behind this 271 million XRP shift

Ripple Labs shoveled 90 million XRP to another Ripple-linked wallet, which makes it an internal transaction. As for the rest of the XRP shoveled on Nov. 21, it was made by an anonymous wallet, which the Bithomp XRP explorer identified as one affiliated with Ripple too. Therefore, those 52.5 million XRP went to the Bitstamp exchange from Ripple.

Between Nov. 22 and Nov. 23, more XRP was sent to Bitstamp and to Mexican exchange Bitso. They received two transfers, of 25,700,000 XRP and 18,100,000 XRP. Both of them were sent from the same Ripple-affiliated wallet, which transferred the aforementioned tens of millions of XRP to Bitstamp.

Bitstamp and Bitso are two major platforms that collaborate with Ripple Labs on its "Ripple Payments" service based on RippleNet, which uses XRP. It currently covers more than 70 countries around the world.

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XRP adds almost 8%

XRP keeps striving to revive itself after the recent 12% collapse, which followed a massive price surge on the rumors that the world's largest fund manager, BlackRock, filed for an XRP ETF with the SEC. The rumor was later debunked by CEO Larry Fink.

Over the past 24 hours, XRP has made two consecutive rises and, in total, increased by 7.95%, now trading at $0.61511.

This price surge coincided with the closed meeting announced by the SEC regulator. XRP holders are holding their breath as they wait for the court to put a period in the SEC case against Ripple. Of course, they expect the crypto decacorn to beat Gary Gensler and his legal team.

The first major victory was held by Ripple in July, when Federal Judge Analisa Torres declared that Ripple's XRP sales on secondary markets, as well as its programmed XRP sales, are not to by qualified as security sales. That ruling pushed the XRP price to the $0.70 high but a pullback then followed.

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