Blockchain giant Ripple has once again moved a massive amount of XRP tokens, this time, to Bitso and Bitstamp exchanges. In recent weeks, the blockchain firm has distributed a substantial amount of its XRP holdings to various crypto exchanges.
Whale Alert has reported recently that it spotted a chunk of XRP transfers from “unknown wallets” to the two aforementioned crypto exchanges. It is important to know that these two exchange platforms are related to Ripple payments.
Almost 107 million XRP tokens were transferred to Bitso and Bitstamp exchanges
According to Whale Alert data, exactly 20,400,000 XRP tokens were transferred from an anonymous wallet to the Bitso exchange on October 4. The Mexican-based crypto exchange also received 30,400,000 XRP tokens from an “unknown wallet” on October 5.
🚨 30,400,000 #XRP (15,831,100 USD) transferred from unknown wallet to #Bitsohttps://t.co/tS8lhuX22D
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— Whale Alert (@whale_alert) October 5, 2023
Similarly, the Bitstamp exchange received 29,300,00 and 26,800,000 XRP tokens from unknown wallets in two separate transactions. However, details from Bithomp, an XRP-focused analytics platform, show that these “unknown wallets” are associated with Ripple Labs.
Cumulatively, the amount of XRP transferred to these two exchanges adds to 106,900,000 (worth $55.4 million). The staggering amount of XRP tokens constantly transferred by Ripple to these exchanges continues to raise questions among the crypto community.
Some people have speculated a potential sell-off, while others see it as Ripple simply distributing their holdings across several platforms.
Interestingly, both Bitso and Bitstamp partnered with Ripple on its system of XRP-based cross-border payments, ODL (on-demand liquidity). ODL is a Ripple project that enables financial firms to expedite cross-border payments by using the XRP token.
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In Latin America, Bitso serves as an ODL platform while Bitstamp performs the same function in Europe. Subsequently, Ripple rebranded ODL and simply called it “Ripple Payments.”
Even though the exact intentions behind the chunk transfers are still unknown, the XRP community awaits to see the potential implication it will have on the price of the token.
XRP price today
Source: Coinstats
According to live data from Coinstats, XRP is currently selling at $0.52, signifying a o.85% drop in the last 24 hours. What’s more, XRP has a 24-hour trading volume of $768,835,426 ($768.8 million). In addition, XRP is ranked #5 on the global cryptocurrency market chart with a live market cap of $27,777,909,726.219 ($27.7 billion). Ultimately, XRP has a circulating supply of 53,312,364,216 (53.3 billion) XRP coins and a maximum supply of 100,000,000,000 (100 billion) XRP coins.
Read More:
- Ripple Transfers Over 29 Million XRP to Bitstamp
- Ripple Co-Founder Calls UK Home For FinTech Innovation
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.