Ripple Transfers Over 29 Million XRP to Bitstamp

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Ripple Transfers Over 29 Million XRP to Bitstamp

Last updated on May 18th, 2024 at 12:25 pm

Blockchain giant, Ripple has once again carried out a major transfer, moving over 29 million of its XRP token to Bitstamp exchange. The technology company has been spotted moving millions of XRP tokens across wallets in recent weeks.

WhaleAlert reported that it has spotted two large transfers carrying millions of XRP tokens over the last 24 hours. Even though the blockchain tracker tagged the sending wallet as “unknown,” it has been revealed that the address is linked to Ripple.

Ripple moves over 29 million XRP tokens

WhaleAlert reported on X (formerly Twitter) that an “unknown wallet” sent exactly 29,500,000 XRP tokens to the London-based crypto exchange Bitstamp approximately 15 hours ago.

However, details from Bithomp – an XRP analytic platform, revealed that the anonymous account is indeed linked to Ripple Labs. Per Bithomp data, the $14.7 million worth of XRP was one of the most significant transactions in the last 24 hours.

Ripple Transfers Over 29 Million XRP to Bitstamp

Source: Bithomp

Interestingly, this is one of the transactions with similar amounts carried out by Ripple in the space of 2 weeks. On August 30, Ripple transferred 31 million XRP to an anonymous wallet. Similarly, on September 4, the San Francisco-based crypto firm transferred 29 million XRP tokens to Bitstamp.

Almost 500 million XRP transferred from Bitvavo

Amsterdam-based crypto exchange, Bitvavo has been one of the active exchanges involved in the lump-sized XRP transfer recently. Over the past weeks, a huge chunk of XRP tokens have been moved from the exchange to several unknown wallets.

Additional data from WhaleAlert showed that exactly 421, 772, 199 XRP was transferred from Bitvavo to an anonymous wallet. On September 4, a jaw-dropping 4.6 trillion XRP tokens were transferred from the exchange to an unknown wallet in a single transaction.

XRP price reaction

Meanwhile, the staggering amount of XRP movement has negatively impacted the price of the token. Live data from Coinstats show that XRP is currently trading at $0.47. The price is down 5.16% in the last 24 hours. What’s more, XRP is ranked #6 on the global cryptocurrency market chart with a live market cap and 24-hour trading volume of $25 billion and $973 million respectively.

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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.