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HomeCrypto NewsMarketRipple Moves 75 Million XRP, as Big Investors Shuffle 120 Million XRP 

Ripple Moves 75 Million XRP, as Big Investors Shuffle 120 Million XRP 

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Ripple makes a hefty XRP transfer.

Leading blockchain company Ripple made a hefty transfer of XRP to an unknown wallet less than 10 hours ago. According to Whale Alert, a popular cryptocurrency data platform that monitors these huge transactions, Ripple transferred a whopping 75 million XRP to an unknown wallet. The fund was worth $35 million at the time of the transaction.

Details of the Ripple Wallet

Per data from Bithomp Explorer, one of the leading explorers on the XRP Ledger, the Ripple address that sent the fund has been used to shift huge volumes of XRP in recent times. Before yesterday’s transaction, the address had shifted a total of 123 million XRP, valued at around $60 million at the current exchange rate of $0.45. These large XRP transfers made by Ripple are mainly used to meet the demands of On-Demand Liquidity (ODL) solution clients.

As stated by Ripple in its Q2 financial report, there has been a surging demand for the company’s ODL solution, as traditional financial institutions use the service for instant cross-border settlements. Ripple’s ODL uses XRP as a bridge currency for cross-border settlements.

With a growth in demand for the solution, Ripple disclosed that it sometimes purchases XRP from secondary markets to serve its clients effectively.

Other Large XRP Movements

Aside from Ripple’s transfer of 75 million XRP to an unknown user, Whale Alert noted that whale investors shifted a total of 158.7 million XRP over the past 24 hours. 

An anonymous whale withdrew a total of 32,303,676 XRP, worth $14.87 million, from the leading cryptocurrency exchange FTX.

Similarly, an anonymous whale transferred a hefty 66.4 million XRP ($30.88 million) from Bitso, Ripple’s ODL solution partner.

Sixty million XRP coins were also deposited on Bitso by an unknown whale, the cryptocurrency tracking service reported.

As reported by The Crypto Basic about 14 hours ago, anonymous Whales moved 170M Ripple (XRP).

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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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