According to recent tweets posted by popular blockchain sleuth Whale Alert, which tracks large cryptocurrency transfers, in the last 24 hours, there have been four massive XRP transfers and nearly 160 million XRP coins exchanged hands.
According to recent tweets posted by popular blockchain sleuth Whale Alert, who tracks large cryptocurrency transfers, over the past 24 hours, there have been four massive XRP transfers, as nearly 160 million XRP coins exchanged hands.
These huge transactions occurred as the price of the seventh-largest cryptocurrency, XRP, saw a slight 3% increase overnight.
156 Million XRP on the Move as Whales Get Active
The aforementioned data source spotted four impressive cryptocurrency transactions that moved large amounts of XRP. Two of them were withdrawals witnessed by the Binance exchange: 43,894,329 XRP valued at $20,860,666 and 48,270,270 XRP worth $23,055,620.
Both transfers were made to anonymous blockchain addresses. The first transaction occurred approximately 22 hours ago and the second almost five hours ago, according to Whale Alert. XRP explorer Bithomp revealed that both batches of XRP were moved to Binance-linked cryptocurrency wallets. This fact likely makes them internal transfers made by this trading platform with a possible goal of redistributing its XRP holdings.
Giant Ripple sells 64 million XRP
On top of that, the cryptocurrency tracker noted that 32,710,000 XRP were transferred to Latin America’s largest exchange platform, Bitso, and 31,185,000 XRP were transferred to Bitstamp. These transactions involved the fiduciary equivalents of $15,466,399 and $14,742,502.
As for the other two XRP transfers, they were made from wallets linked to the Ripple decacorn cryptocurrency. Bitstamp and Bitso are among the cryptocurrency exchanges that collaborate with Ripple on its cross-border payments system, formerly known as On-Demand Liquidity, which was recently rebranded as Ripple Payments.
Yuri MolchanRipple builds its stablecoin
Ripple is currently working on its own stablecoin backed by US dollars. There is currently a $150 billion stablecoin market, and the crypto decacorn certainly wants a piece of that pie. Within four years, it is expected to reach between $2.8 and $3 trillion.
In a recent interview, the company’s general director for the Middle East and Africa, Reece Merrick, stated that Ripple is ready to take that important step and that this expansion is logical for it.
