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Thanks to data published by popular blockchain sleuth Whale Alert, which tracks large chunks of cryptocurrencies moved by whales and exchanges, word has spread that just over 12 hours ago, a blockchain wallet marked as unknown sent several dozen millions of XRP to EU-based cryptocurrencies. exchange Bitstamp.
This happened as the price of XRP demonstrated a slight recovery over the past week, rising 3.43% since Thursday, October 12.
30 million XRP on the move
The data source mentioned above claimed that an anonymous whale sent a total of 30,200,000 XRP to Bitstamp. Still, XRP-focused analytics platform Bithomp revealed that the transaction was in fact initiated by a wallet linked to the San Francisco-based company Ripple Labs, founded by Chris Larsen and Jed McCaleb in 2011-2012. and now led by CEO Brad Garlinghouse.
r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn is the blockchain wallet address from which Ripple has been shoveling chunks of approximately 29,000,000-30,000,000 XRP to the Bitstamp and Bitso exchanges every week for the past two months.
Whale Alert detected transactions similar to today’s last week, last week, and so on. Sometimes he sent millions of XRP to Bitstamp alone, and sometimes he made two transactions to both Bitstamp and Bitso.
This is how Bitstamp and Bitso relate to Ripple
In addition to being Ripple’s “favorites,” these two cryptocurrency trading platforms collaborate with the fintech giant on its payments service formerly known as On-Demand Liquidity (ODL), which is now rebranded simply as “Ripple Payments,” according to the recent message from a Senior Ripple executive on Twitter.
ODL uses XRP to make cross-border payments between crypto exchanges, where fiat money is first converted into XRP and then converted into the recipient’s fiat currency. Unlike traditional bank transfers, this method is much faster and cheaper (it works even on weekends) and does not require the use of prepaid accounts in the destination countries.
Whales continue to grab tons of XRP
Meanwhile, large holders of XRP, known as whales in the cryptocurrency market, still seem to believe in the currency’s promising future. Recently, prominent on-chain data aggregator Santiment spread the word about XRP whales and sharks aggressively hoarding XRP.
Now, according to this data, wallets with 100,000 – 100,000,000 XRP have accumulated almost a billion dollars worth of XRP coins; Compared to last year, its holdings have increased from $7.16 billion in XRP to almost $8 billion in this popular digital currency.
