Blockchain platform Whale Alert, which regularly reveals various nuances of large transactions with the crypto community, has spread the word about two astonishing XRP transfers, transporting over 126 million XRP together.
The largest of these two is the XRP transferred by Ripple Labs, as it sent $48 million in XRP to a blockchain address with an unregistered owner. The second was made by an unknown address of the major cryptocurrency trading venue Bitstamp. Meanwhile, the price of XRP has fallen by approximately 5%.
Ripple decacorn moves 80 million XRP
The aforementioned blockchain detective shared that in the last 24 hours, two large amounts of XRP have been moved: 80,000,000 and 26,700,000 XRP. They were assessed at $48,113,219 and $15,975,855 at the time of the transfers.
The initiator of the 80 million XRP transfer was San Francisco-based fintech giant Ripple, moving $48.2 million worth of cryptocurrency to a wallet that Whale Alert labeled as unknown. This was also the most recent transaction of the two: Ripple withdrew its coins almost four hours ago.
🚨 🚨 80,000,000 #XRP (48,113,219 USD) transferred from #Ripple to unknown wallethttps://t.co/jjEbKHLjNz
– Whale Alert (@whale_alert) November 28, 2023
Details shared by XRP explorer Bithomp reveal that the receiving wallet also belongs to Ripple Labs; therefore, this transaction becomes an internal transfer.
Previously, U.Today covered that crypto giant Ripple has been moving such large amounts of XRP at least once a month recently. The purpose of this transfer is unclear; However, possible reasons may include sending XRP from that internal wallet to an institutional client, to a crypto exchange to convert XRP to fiat to cover the company’s operating expenses.
Another option is that Ripple can send these 80 million XRP to one of the platforms that collaborate with it in its “Ripple Payments” project formerly known as On-Demand Liquidity (ODL).
Here’s Who’s Behind the XRP to Bitstamp Transfer
The second transfer of 26,700,000 XRP was made to Bitstamp much earlier, almost 12 hours ago. However, again citing Bithomp data, the transfer was made through a Ripple-related address. r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.
🚨 26,700,000 #XRP (15,975,855 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Mejcm7orSQ
– Whale Alert (@whale_alert) November 27, 2023
Large transfers of
Bitso and Bitstamp are partners of Ripple as they provide brokers for “Ripple Payments” transfers. This system runs on the RippleNet network and uses XRP for fast and low-cost international transactions.
XRP price fluctuates
In the last three days, the Ripple-affiliated cryptocurrency XRP has seen a drop of more than 5%, going from the level of $0.63584 to the price of $0.59865.
On Monday and Tuesday it tested the support at $0.59682, and both times rallied after that. So far, XRP has printed a red candle on the hourly chart, exchanging hands at $0.059811 on the Bitstamp exchange.
