Whale Alert, a well-known blockchain tracker that frequently shares information regarding significant cryptocurrency transactions conducted by financial institutions and cryptocurrency whales, has recently posted on Twitter about the substantial volume of $XRP tokens associated with Ripple Labs that have been transferred within the past 24 hours.
Meanwhile, the value of #XRP has exhibited a notable upward trend in recent times, with a substantial increase of almost 10% over the preceding week. According to statistics from #CoinMarketCap , there has been an increase of around 3.30% throughout the last 24 hours.
Approximately 100 million individuals were affected by the Ripple network.
According to transaction information reported by Whale Alert, around five hours ago, Ripple Labs, a large-scale entity headquartered in San Francisco, executed a transaction involving a total of 70,000,000 XRP. According to the XRP explorer Bithomp, the destination wallet is likewise owned by the same business.
The money have been successfully received and now reside at the specified blockchain address, without having been transferred elsewhere at this point in time. The wallet that previously acquired the specified 70 million XRP also transferred an equivalent quantity of XRP prior to acquiring this substantial portion of Ripple-associated cryptocurrency.
The ultimate destination of the aforementioned XRP funds remains undisclosed. Nevertheless, it appears that the prominent blockchain entity is making arrangements to transfer these funds to a cryptocurrency exchange for the purpose of selling them, or alternatively, to one of its affiliated financial institutions that make use of XRP.
A transaction involving the transfer of 70,000,000 units of XRP, equivalent to 38,364,524 USD, has been executed from a Ripple account to a destination wallet of undisclosed ownership.The provided URL leads to a webpage containing information relevant to the topic under discussion.The source of the information is Whale Alert, a Twitter account. On the day of October 24, 2023,
The second cryptocurrency transfer identified by Whale Alert encompassed a total of 27,400,000 XRP. The funds were transferred from an unidentified wallet to the Bitstamp exchange. The previously stated XRP explorer indicated that the wallet of the sender was associated with Ripple.
A transaction involving 27,400,000 XRP, equivalent to 14,636,413 USD, has been seen, wherein the funds were moved from an unidentified wallet to the Bitstamp exchange. Further details may be found at the provided link: https://t.co/8I2akswByC.The Twitter account known as "Whale Alert" (@whale_alert) The date of October 23, 2023.
This marks the second instance of a transaction originating from this wallet and being directed towards the Bitstamp exchange within the span of this week. In recent months, there has been a consistent occurrence of substantial XRP transfers to the Bitstamp exchange. The Ripple fintech company has been regularly sending a minimum of 100 million XRP, and occasionally more, to both Bitstamp and Bitso. Bitso, a blockchain unicorn headquartered in Mexico, is the largest cryptocurrency exchange in Latin America and has been a partner of Ripple since 2019.
An anonymous investor has sent a total of 412 million XRP tokens.
These two cryptocurrency exchanges are established Ripple ODL (On-Demand Liquidity) corridors that employ XRP to facilitate cost-effective and expeditious international transactions across the RippleNet network, bypassing the need for prepaid accounts. Recently, the Open Development Labs (ODL) has undergone a rebranding process and is now known as "Ripple Payments."
Regarding significant XRP transfers, a considerable amount of 412,334,412 XRP was seen to have been transferred on October 22nd from one unidentified wallet to another, suggesting the involvement of a high-volume trader who either executed an over-the-counter (OTC) sale of XRP or opted to reposition a portion of their substantial XRP holdings within their cryptocurrency portfolio.
