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HomeCrypto NewsMarketXRP Shuffling Continues, 375 Million XRP Moved Around Ripple, Exchanges, and Unknown...

XRP Shuffling Continues, 375 Million XRP Moved Around Ripple, Exchanges, and Unknown Wallets 

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Whale Alert continues to keep tabs on these large XRP movements.


 

Less than 48 hours after Whale Alert reported the movement of over 410 million XRP coins, the whale tracking service has observed yet another transfer of 375,021,363 (375.02 million) Ripple coins. The funds mostly flowed among Ripple, popular cryptocurrency exchanges, and anonymous wallets. 

According to Whale Alert, the first transaction occurred on August 9, 2022, at 16:16 UTC. Per blockchain data, a total of 75 million XRP, worth $27.68 million, were sent from leading cryptocurrency exchange FTX to an unknown address. 

Ripple’s Involvement in Large XRP Transfer

A few hours later, Whale Alert tracked another 75 million XRP, valued at around $27.85 million, sent from Ripple wallet to an unknown address. 

Ripple has recently been involved in these large XRP movements since the beginning of this month. Understandably, Ripple’s involvement in large XRP transactions could be related to a spike in On-Demand Liquidity (ODL) demand. 

Recall that Ripple reported a 9x surge in ODL demands on YoY, which prompted the blockchain company to purchase XRP from secondary markets to service these clients. 

More Recent XRP Transfers 

Aside from the Ripple transaction, 30 million XRP ($10.89 million) moved from an unknown wallet to Bitso exchange, a member of Ripple’s ecosystem. 

As expected, the Bitstamp exchange was also involved in the latest series of large XRP movements. Per Whale Alert, 60 million XRP worth $21.78 million at the time of the transaction were sent from an unknown wallet to Bitstamp. 

Bitstamp was also involved in another XRP transfer. This time, 45,721,363 Ripple coins ($16.64 million) were sent from the exchange to an unknown wallet. 

Lastly, 59.3 million XRP coins were also moved from the Bitso exchange to an unknown wallet. 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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