Monday, December 5, 2022
HomeCrypto NewsMarketPrice Struggles As Ripple and Anonymous Whales Move 340 Million XRP 

Price Struggles As Ripple and Anonymous Whales Move 340 Million XRP 

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Ripple and anonymous whales move a staggering amount of XRP in 24 hours.

Whale Alert, a cryptocurrency whale tracking service, has observed the movement of large amounts of XRP by Ripple whales over the last 24 hours. These types of transactions have become routine as it usually occurs daily. The latest round of XRP transfer was transferred to and from two popular centralized cryptocurrency exchanges, Bitso and Bitstamp.

Over the last 24 hours, a total of 340,804,615 XRP valued at around $152.97 million were shuffled by unknown whales. Ripple also participated in the latest round of XRP transfers.

According to blockchain data shared by Whale Alert, Ripple transferred a total of 100 million XRP to an unknown wallet roughly eight hours ago. The fund was valued at around $45,474,634 ($45.47 million) at the time of the transaction.

It is noteworthy that all large XRP transfers made by Ripple are usually related to the company’s On-Demand Liquidity service. This solution uses XRP as a bridge currency for cross-border settlements. Recently, demand for the service has skyrocketed, with financial institutions leveraging the solution for their settlement needs.

Other Large XRP Transfers

Aside from the 100 million XRP transferred by Ripple, other whales also moved large volumes of the cryptocurrency over the past 24 hours.

An anonymous whale deposited 25 million XRP to Bitstamp cryptocurrency exchange, one of Ripple’s ODL partners. At the time of the transaction, the fund was worth $11.4 million.

In a similar development, another unknown Ripple whale also transferred 25 million XRP ($11.38 million) to an address on Bitstamp.

A total of 60 million XRP valued at around $27.4 million were transferred by an unknown whale to Bitstamp.

Bitstamp is again involved in another huge XRP transfer. This time, 56,604,615 XRP coins worth $25.85 million were transferred from the Luxembourg cryptocurrency exchange to an unknown wallet.

Another Ripple ODL partner, Bitso exchange, was also entangled in the latest round of XRP transfers. According to Whale Alert, 49.2 million XRP ($22.46 million) were transferred from the exchange to an unknown address.

Less than one hour ago, 25 million XRP ($11.23 million) moved from an unknown wallet to Bitstamp.

Currently, XRP is trading at $0.4471, down 1.89% in 24 hours and down 3.24% since yesterday.

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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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