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.
? ? ? 75,000,000 #XRP (35,018,688 USD) transferred from Ripple to unknown wallethttps://t.co/8wykhLqneS
— Whale Alert (@whale_alert) October 18, 2022
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.
? 32,303,676 #XRP (14,873,735 USD) transferred from #FTX to unknown wallethttps://t.co/ygifQ33NdZ
— Whale Alert (@whale_alert) October 19, 2022
Similarly, an anonymous whale transferred a hefty 66.4 million XRP ($30.88 million) from Bitso, Ripple’s ODL solution partner.
? ? ? 66,400,000 #XRP (30,889,343 USD) transferred from #Bitso to unknown wallethttps://t.co/Vy7xrNfMDj
— Whale Alert (@whale_alert) October 18, 2022
Sixty million XRP coins were also deposited on Bitso by an unknown whale, the cryptocurrency tracking service reported.
? ? 60,000,000 #XRP (28,095,881 USD) transferred from unknown wallet to #Bitsohttps://t.co/iH8d1E7jGR
— Whale Alert (@whale_alert) October 18, 2022
As reported by The Crypto Basic about 14 hours ago, anonymous Whales moved 170M Ripple (XRP).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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