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HomeCrypto NewsMarketSingle Wallet Moves 310M XRP As Price Slump: Details 

Single Wallet Moves 310M XRP As Price Slump: Details 

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Whale Alert reports massive XRP transfers were recorded in the past day.



Leading cryptocurrency data tracking platform, Whale Alert, has tracked the movement of a massive amount of Ripple (XRP). According to Whale Alert, an anonymous whale transferred 310,365,004 (310.36 million) XRP to another unknown user in the past hour. At the time of the transaction, the 310.36 million XRP tokens were worth $147.32 million.

Reason Behind the Transaction

In recent times, Ripple whales have moved huge amounts of XRP tokens. Most of these large XRP transfers are connected to Ripple’s On-Demand Liquidity (ODL) service.  

As reported, there has been a growing demand for Ripple’s ODL, a solution that uses XRP as a bridge currency for cross-border settlements. Traditional financial institutions mostly use the service for instant and low-cost cross-border remittances. 

Meanwhile, there is a possibility that the huge transfer was made for investment purposes. The value of XRP has been reacting to events from the Ripple vs. SEC lawsuit. The ongoing suit has lingered for over a year and has been a major determinant of XRP price.

Following events in the lawsuit, many investors hope the ruling will be in Ripple’s favor. It is expected that a win for Ripple would fuel the price of XRP. Based on this, investors are taking early positions in the asset class, hoping the lawsuit outcome favors the blockchain company. 

More Huge XRP Transfers

It is noteworthy that other large XRP transfers were recorded in the past 24 hours. Per Whale Alert, an anonymous whale deposited 29 million XRP ($13.52 million) to an address on the Bitstamp crypto exchange. 

71,389,448 (71.38 million) XRP tokens were sent in two transactions to different addresses on the FTX exchange.

Three hours ago, an anonymous whale deposited 35 million XRP in Bitstamp. The tokens were worth $16.5 million when the transaction was made.

Whales moved 445,754,452 (445.75 million) XRP tokens in the last 24 hours. At the current exchange rate, the tokens moved by Ripple whales are worth $211.89 million.

According to data on Coingecko, XRP is changing hands at $0.475, down 3% in the past 24 hours.

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Ammara
Ammarahttps://thecryptobasic.com/
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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