Unknown Wallet Sends Massive Amount of XRP to Bitstamp: See How Much

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Unknown Wallet Sends Massive Amount of XRP to Bitstamp: See How Much

Last updated on May 18th, 2024 at 12:22 pm

A substantial amount of XRP tokens totaling 29 million has been sent from an unknown wallet to the Bitstamp exchange in what seems like a surprising transaction.

Europe-based cryptocurrency exchange, Bitstamp has once again found itself in the news for another staggering transaction involving XRP. Over the past month, the leading crypto exchange has been sending and receiving massive amounts of the token.

According to WhaleAlert – a blockchain transaction tracker, a wallet identified as “unknown” transferred 29 million XRP tokens (valued at $14,727,000) to the aforementioned crypto exchange.

Massive amount of XRP transferred within 3 days

Within the last 72 hours, a significant amount of XRP tokens have been moved between wallets, some of them unknown, while others are connected to popular centralized exchanges.

On February 2, WhaleAlert reported that it had spotted 40 million XRP tokens transferred from an anonymous wallet to the Binance exchange. The total transaction was valued at close to $20 million at the time.

On the same day, the same blockchain tracker reported a staggering transfer of 37.9 million XRP (worth over $19.1 million) to the Mexico-based cryptocurrency exchange, Bitso.

Additionally, Bitstamp recorded an inflow of 29.7 million XRP which was valued at more than $15 million.

In recent times, Btstamp and Bitso exchanges have been involved in large XRP transactions, either as recipients or as senders. This has left the crypto community in speculations about the reasons behind such transactions and the potential short-term and long-term effects they will have on the value of the asset.

Notably, another crypto exchange that has been involved in humongous XRP transactions is the Amsterdam-based exchange, Bitvavo. On January 24, the exchange transferred an enormous 196.4 million XRP tokens to an unidentified wallet.

One point that cannot be avoided is the fact that these huge XRP transactions underscore the global appeal of the token as well as its growing acceptance.

XRP price reaction

The effect of the recent wave of major XRP transfers is yet to be seen. However, the price of the token is slowly recovering from the news of the hack of Ripple’s co-founder, Chris Larsen where over $112 million worth of XRP was stolen.

According to data from Coinstats, XRP is currently trading at $0.5034, representing a 1.97% drop in the last 24 hours. Furthermore, XRP maintains its position as the 6th largest cryptocurrency by market cap with a 24-hour trading volume of $371,633,909 ($371.6 million) and a live market cap of $27,388,356,211 ($27 billion).

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