In recent tweets, prominent cryptocurrency tracking bot Whale Alert, which tracks large cryptocurrency transactions and then shares details with the community on Twitter (now rebranded as X), the bot showed two consecutive transfers of XRP made from anonymous wallets to exchanges. of cryptocurrencies.
The transfers brought 28,500,000 XRP and 27,000,000 XRP, respectively, to crypto exchanges Bitso and Bitstamp. Meanwhile, XRP has demonstrated a weekly price increase of over 6%, according to CoinMarketCap.
Ripple transfers 55.5 million XRP worth $30.5 million
The details of these transactions shared by Bithomp show that they were carried out by the same anonymous wallet linked to Ripple Labs, the fintech giant based in the city of San Francisco, USA. It seems that the goal of sending a total of 55.5 millions of XRP to the aforementioned Exchanges does not sell, but supports these platforms that collaborate with the giant Ripple in its “Ripple Payments” project, which uses XRP on RippleNet. The aforementioned crypto transfers are worth $15,704,941 and $14,879,092.
“Ripple Payments”, until recently, was widely known in the crypto community as On-Demand Liquidity (ODL), but then Ripple decided to give it a new title with a complete rebranding to make it more understandable to outsiders. By using its own service for fast, low-cost cross-border payments, Ripple is trying to improve on the system of pre-funded accounts used by conventional banks for transfers that can take days and also pose other challenges to participants.
Ripple partners with Uphold to improve its payments product
Earlier this week, Ripple crypto decacorn announced a new partnership it had made with global crypto trading platform Web3 Uphold. Through this partnership, Ripple will be able to enhance its crypto liquidity capabilities and improve the infrastructure of the aforementioned “Ripple Payments” service. It allows customers to make payments year-round, 24/7, in real time.
Commenting on the new partnership, Pegah Soltani, head of payments products at Ripple, said it will allow the company to increase the scale of Ripple payments by improving the infrastructure that supports this product thanks to Uphold’s deep liquidity expertise.
Uphold’s trading structure allows clients to move value between fiat and crypto seamlessly, and also do so across multiple networks. At the end of the day, this is good for both customer service and quick payment delivery.
Ripple decacorn currently works with several hundred corporate clients in over 55 countries. Its payment capabilities expand to more than 70 markets. Since the launch of its payments platform, the company has processed transfers worth more than $30 billion, with a record 20 million transactions completed.
