Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred when trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
Cryptocurrency tracking platform Whale Alert has detected two large XRP transactions made by an anonymous wallet to major exchanges Bitstamp and Bitso.
With these transfers, more than 51,000,000 XRP coins were withdrawn. However, the details of these transactions suggest that the sender’s wallet may be affiliated with blockchain giant Ripple Labs.
Furthermore, transfers to exchanges, with the likely goal of selling those millions of XRP, coincided with a 5.11% drop in the price of XRP. In this case, the aforementioned wallet conducted a massive sell-off of XRP at a loss.
Nearly 52 million XRP in motion, price drops
According to data published by Whale Alert, unknown wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn Moved lots of 25,400,000 XRP and 26,200,000 XRP about 11 hours ago. The millions of XRP were sent to the Bitstamp and Bitso exchanges, respectively: a total of 51,600,000 XRP worth $31.7 million in fiat money.
Meanwhile, the price of the Ripple-affiliated coin
This week has been difficult for Then another 10% drop occurred on Tuesday when the XRP ETF fraudulent filing case was transferred to the US Department of Justice.
This case with a fake XRP ETF filing became the target of memes, which, these days, is a likely sign that demand for such an exchange-traded fund is perhaps quite high among investors and traders. .
This is where Ripple’s shadow is seen in transfers
XRP-focused explorer Bithomp revealed that the aforementioned r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn The wallet is linked to San Francisco-based fintech heavyweight Ripple.
Therefore, it is likely that this transfer of 51,600,000 XRP was made not for the purpose of selling and adding fiat funds to the Ripple balance, but as transactions to support the liquidity supply of Ripple Payments.
Ripple Payments used to be known in the crypto community as On-Demand Liquidity (ODL), but it was renamed earlier this year to make it easier for outsiders to quickly understand what this system is all about.
Ripple Payments runs on RippleNet and is powered by XRP, which is the core element of transactions here, and does not require dealing with prepaid accounts unlike money transfers carried out by traditional banks. This system currently operates in more than 70 countries around the world, according to data shared by Ripple boss Brad Garlinghouse at the recent annual Swell event in the United Arab Emirates.
