Monday, December 5, 2022
HomeCrypto NewsMarket492M XRP On The Move Among Binance, FTX, Bitstamp And Whales

492M XRP On The Move Among Binance, FTX, Bitstamp And Whales

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Whale Alert reports the latest round of hefty XRP transfers.

In the latest round of hefty XRP transfers, Whale Alert saw 492,942,004 (492.94 million) Ripple tokens transferred by high-net-worth investors in the past 24 hours. 

It is worth noting that these large XRP transfers took place a few hours after Ripple locked a total of 1.2 billion XRP in its Escrow wallet.

According to the cryptocurrency whale tracking service, 67,509,674 (67.5 million) XRP were transferred from FTX to an address on Binance in three different transactions. At the time of the transaction, the 67.5 million XRP coins were worth around $30.42 million.

Interestingly, the Binance user moved a total of 68,761,155 (68.7 million) XRP worth about $31 million to an unknown wallet. The huge transfer took place in three different transactions.

Fourteen hours ago, 25 million XRP coins ($11.51 million) were deposited to an address on Bitstamp exchange, a partner of Ripple’s On-Demand Liquidity (ODL) service. 

An anonymous whale moved 140 million XRP from one unknown wallet to another. The transaction was worth $62.97 million when Whale Alert reported it.

Furthermore, an unknown whale transferred 25 million XRP coins (approximately $11.3 million) to an address on the Bitstamp cryptocurrency exchange.

Whale Alert also reported that 23,371,175 (23.37 million) XRP tokens worth $10.56 million were withdrawn by an unknown whale from the Bitstamp cryptocurrency exchange.

Sixty million XRP coins ($27.34 million) were moved from an unknown wallet to an address on the Bitso exchange.

An hour later, 83.4 million XRP ($37.82 million) were withdrawn from the Bitso exchange by an anonymous whale.

Increased Whales Interest in XRP 

Whales’ interest in XRP has continued to spike as events in the SEC lawsuit seem to be going in Ripple’s favor. As reported, several enterprises have pledged their support for Ripple by filing amicus briefs supporting the company’s summary judgment motion. 

Cryptillian Payment Systems, an online digital wallet service, has also requested to file an amicus brief in Ripple’s favor.

At press time, XRP is changing hands at $0.45. Although the price is nothing compared to its previous $3.4, many expect XRP to soar above its previous high once the lawsuit ends in Ripple’s favor.

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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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