Wednesday, November 30, 2022
HomeCrypto NewsMarketOver 70M Ripple (XRP) On the Move As XRP Price Soars

Over 70M Ripple (XRP) On the Move As XRP Price Soars

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Ripple whale investors continue to move large volumes of XRP. 

As the price of XRP continues to rally, huge amounts of the crypto asset have been shuffled by whale investors in the past 24 hours. These transactions were monitored and reported by cryptocurrency whale tracking service, Whale Alert. 

According to Whale Alert data, a total of 70,339,320 million (70.33 million) XRP have been transferred between the Bitstamp cryptocurrency exchange and different unknown wallets over the past 24 hours. At the current exchange rate of $0.52, the funds were worth around $36.57 million. 

Details of the Transaction 

Whale Alert tracked the movement of 25 million XRP from an unknown wallet to one of Ripple’s official On-Demand Liquidity (ODL) partners, Bitstamp. The fund was valued at around $12.88 million at the time of the transaction. 

In a similar development, 20 million XRP ($10.33 million) were also transferred to Bitstamp from an unnamed cryptocurrency wallet. 

A few minutes later, a total of 25,339,320 (25.33 million) XRP worth $13.13 million were sent to an unknown wallet from an address on the Bitstamp exchange. 

XRP Gains Momentum 

The development comes amid a surge in the value of XRP. The cryptocurrency has been flashing bullish signals since Ripple publicly filed its summary judgment motion in a lawsuit against the Securities and Exchange Commission. XRP is currently trading at $0.52, up 8% in the past 24 hours. 

 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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