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According to data provided by major blockchain monitoring platform Whale Alert, in the last 24 hours, anonymous wallet owners have transferred several tens of millions of XRP; some of these millions of XRP were purchased and withdrawn to a cold wallet, and others were sold.
Additional data from an XRP explorer suggests that crypto giant Ripple Labs may be involved in the sale transaction.
Meanwhile, the price of XRP has risen more than 6% in the past 24 hours after a recent 12% drop caused by fake news that BlackRock filed for an
20 million XRP moved from Bitvavo
About 15 hours ago, an unidentified wallet made a withdrawal of 20,000,000 XRP from the Amsterdam-based Bitvavo crypto exchange, bringing $13,044,810 worth of XRP to its cold wallet.
Recently, the Bitvavo exchange has been mentioned quite frequently in Whale Alert tweets, mainly in relation to huge transfers of the Shiba Inu meme coin. The anonymous whales made about a dozen transfers of 3.4 trillion Shiba Inu each from Bitvavo to their cold wallets, and then some of them transferred those trillions of SHIB.
Some of those SHIB transfers were cryptocurrency supply redistributions done internally by Bitvavo. Each of these 3.4 trillion SHIB transactions was worth more than $34 million in fiat money.
24.5 million XRP sent to Bitstamp from unknown wallet
The second transaction mentioned by Whale Alert is 24,500,000 The USA.
The sender address ending in -h4Rzn, according to the Bithomp not only Bitstamp but also Bitso, a unicorn cryptocurrency exchange based in Mexico.
These two crypto trading platforms cooperate with Ripple on its XRP payments service, which used to be known as On-Demand Liquidity (ODL) and was recently rebranded as “Ripple Payments.” It runs on the RippleNet network and uses XRP for fast, low-cost international transfers without having to use prepaid accounts, like traditional banks do.
The likely explanation is that Ripple has been sending millions of XRP to these two payment gateways to support their operations.
