Monday, December 5, 2022
HomeCrypto NewsMarketRipple Moves 50M XRP, While Whales Shuffle 315 Million Coins As XRP Price...

Ripple Moves 50M XRP, While Whales Shuffle 315 Million Coins As XRP Price Recovers

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Huge XRP transfers have been reported in the past 24 hours as the XRP price rebounds.

It has become routine to see large volumes of Ripple (XRP) transferred among whale investors. These funds are usually shuffled between unknown wallets and leading cryptocurrency exchanges like Bitstamp and Bittrex.

Silicon Valley tech company Ripple sometimes gets involved in some of the large XRP movements. According to Whale Alert, a platform that tracks the movement of large amounts of cryptos, Ripple was involved in the latest rounds of XRP transfers.

Whale Alert data reveal that the blockchain company transferred 50 million units of XRP to an unknown wallet. The fund was worth around $24.39 million at the time of the transaction.

While the transferred amount is to an unknown wallet, it is worth noting that Ripple’s XRP transfer is mostly linked to the company’s On-Demand Liquidity (ODL) solution. 

As reported, financial institutions’ interest in the ODL solution has recently increased, with Ripple sometimes forced to purchase XRP from secondary markets to service these demands.

Other Massive XRP Transfers

Aside from Ripple’s transfer, Whale Alert also observed other large XRP movements by whale investors in the last 24 hours. 

A few minutes ago, an anonymous whale deposited 25 million XRP ($12.39 million) on the Bitstamp exchange.

One hundred million XRP ($50.05 million) were transferred from an unknown wallet to another unknown wallet.

Whale Alert observed the movement of 110.2 million XRP between two Bitso addresses and two unknown wallets.

Roughly 20 hours ago, 80 million XRP ($35.67 million) were withdrawn from by an unknown whale.

XRP is currently trading at $0.497, up almost 10% in 24 hours, according to Coinmarketcap data.

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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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