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HomeCrypto NewsMarketRipple Moves 100M XRP Amid Growing Whales Interest in Asset

Ripple Moves 100M XRP Amid Growing Whales Interest in Asset

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Ripple transfers 100M XRP to an unknown whale.

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It has become routine to see the movement of large volumes of XRP made by deep-pocketed investors. However, it is not always that XRP enthusiasts get to see Ripple involved in these transactions.

In a tweet, yesterday, the leading cryptocurrency whale tracking service Whale Alert shared transaction details of a massive XRP movement made by Ripple. According to Whale Alert, the Silicon Valley company transferred a lump sum of 100M XRP worth $38.9M to an unknown whale yesterday at 6:29 PM (UTC).

Data from Bithomp shows that the recipient’s wallet is holding a large amount of the funds. The wallet currently holds 99.2 million XRP. Since Ripple moved the 100M XRP, the recipient of the funds has only moved 1 million XRP to another unknown wallet.

Growing ODL Demand

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Ripple did not reveal the reason behind the transaction. However, Ripple usually transfers astounding amounts of XRP to cater to On-Demand Liquidity (ODL) users’ demands. The Ripple solution utilizes XRP as a bridge currency for cross-border settlements.

The Silicon Valley tech company explained in its Q2 2022 report that demand for the cryptocurrency solution has surged. Ripple noted that the demand for ODL has spiked to the extent that it had to acquire XRP from secondary markets to cater to these demands.

It bears mentioning that this is not the first time Ripple has transferred huge amounts of XRP coins to an unknown wallet. TheCryptoBasic reported last week that Ripple moved 50M XRP to an unknown whale.

Growing Interests in XRP Among Whales

The development suggests a growing interest in XRP among whale investors. Aside from the 100M XRP moved by Ripple, another significant XRP transaction that occurred in the past 24 hours involved the movement of 38M XRP tokens.

Per Whale Alert, an unknown whale moved the 38M XRP worth $14.8 million to a Bitstamp address. 

On Jan 16th, Binance moved 94M+ XRP, a few hours before the Binance movement, other whales shuffled 335M XRP. On Jan 14th XRP has now secured a position on the top 10 list of assets by trade volume among the 500 largest whales on Binance Smart Chain (BSC).

Meanwhile, XRP is still the sixth-largest cryptocurrency, with a market value of $19.6B. The cryptocurrency is down 1% in 24 hours, trading at $0.386.
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Author

Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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