Millions of XRP moved from both Ripple Labs’ wallet and Bitvavo Exchange, sustaining previous selloff concerns in the community.
Crypto data insights provider Whale Alert revealed the XRP movement in two tranches from Ripple Labs’ wallet and the massive transfer from Bitvavo a few hours ago.
? ? 75,000,000 #XRP (36,921,543 USD) transferred from #Ripple to unknown wallethttps://t.co/VRawsYdrhI
— Whale Alert (@whale_alert) October 16, 2023
XRP Records More Whale Transfers
Whale Alert data shows the first transfer consists of 75 million XRP worth $36.9 million. This transfer shows each XRP moved for $0.4923, coinciding with the period the coin was undergoing a selloff.
While Ripple moved the first tranche of XRP to an unknown wallet, the second transfer came 7 hours later with the destination marked as Bitstamp. Here, 30 million XRP moved on-chain with a value worth more than $14.9 million. This brought the total transfer from Ripple to 105 million XRP.
As reported earlier, Bitstamp is a favorite destination for several XRP transfers from Ripple. There has been a consistent inflow of XRP into Bitstamp, with more than 130 million units moved thus far.
Whether Bitstamp is a liquidation venue remains unknown, but the trading platform is one of Ripple Labs’ On-Demand Liquidity (ODL) partners. The demand for XRP to power this ODL service accounts for one potential reason for the transfers.
The frequency of transfers to Bitstamp offers an interesting perspective to the trend. One of the first XRP transfers to Bitstamp this month occurred on Oct. 2, with a total of 47.5 million XRP moved. The Bitstamp address also received 42.5 million XRP on Oct. 9.
Massive $409M XRP Outflow from Bitvavo
Besides Bitstamp, Bitvavo is another exchange linked to a mega XRP transfer over the past 24 hours. Data showed that 409 million XRP worth $201,627,816 shifted from the exchange to a new and unknown wallet.
Historically, Bitvavo has a high XRP whale activity record. In August, the exchange recorded 425 million XRP in outflow to complement related movements.
While the current market reaction to these whale transfers is that a selloff is underway, Ripple maintains cautious on how it offloads its XRP holdings. This caution reflects how Ripple supports XRP’s price amidst general market instability.
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