Saturday, December 3, 2022
HomeCrypto NewsMarketAnonymous Whales Move 170M Ripple (XRP), Here’s What May Be Behind the...

Anonymous Whales Move 170M Ripple (XRP), Here’s What May Be Behind the Transactions

- Advertisement -
Follow-Us-On-Google-News

Ripple whale investors have shuffled huge amounts of XRP 

Whale Alert, a cryptocurrency data platform that tracks large cryptocurrency transfers, has been reporting the movement of Ripple (XRP) by high net worth investors

Over the past 24 hours, a total of 170,388,591 (170.38 million) were moved by Ripple whale investors. At the current XRP exchange rate of $0.47, the fund is valued at around $157.68 million. 

According to the whale tracking service, an anonymous whale moved 60 million XRP from an unknown wallet to Bitstamp. The transaction, which took place earlier today, was worth $28.93 million at the time. 

Other Large XRP Transfers

Whale Alert also tracked yet another large XRP transaction involving an address on the Bitstamp cryptocurrency exchange. A total of 64,088,591 (64.08 million) XRP were transferred to an unknown wallet from Bitstamp. 

According to data from Whale Alert, the fund was worth $30.81 million at the time of the transaction. 

In a similar development, a total of 22.3 million XRP coins ($10.71 million) were sent to an unknown wallet from an address on Bitso. 

Furthermore, an anonymous Ripple whale withdrew 24 million XRP worth $11.29 million from Bitstamp. 

Rising Demand in Ripple’s ODL

In this latest round of large XRP transfers, Bitso and Bitstamp were the only cryptocurrency exchanges involved. It is worth mentioning that both crypto trading platforms are official partners of Ripple’s On-Demand Liquidity (ODL) service, a payment solution that uses XRP as a bridge currency. 

Interests in Ripple’s ODL have been on the increase in recent times, as different payment giants adopt the solution to bypass the issues associated with the traditional financial system. Several clients have used both crypto trading platforms to purchase XRP in order to meet their ODL needs.  

 

- Advertisement -
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.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.