Popular crypto tracking platform Whale Alert has detected two massive and one smaller XRP transfers that together carried a whopping 200 million XRP, mostly to anonymous blockchain addresses.
The majority of this enormous amount was shoveled by Ripple Labs crypto decacorn. Small XRP transfers made by Ripple have become weekly ones over the past few months. However, once in a while, the company transfers quite a significant amount of XRP, such as now. Whale Alert hurries to share the details of these transfers. Here’s what happened this time.
Meanwhile, the XRP price has demonstrated a slight decline of 3% over the past 24 hours.
🚨 🚨 🚨 85,000,000 #XRP (51,990,067 USD) transferred from unknown wallet to unknown wallethttps://t.co/gjQGFNTayq
— Whale Alert (@whale_alert) November 20, 2023
200 million XRP on move, Ripple involved
The aforementioned transactions carried 25,500,000 XRP (the equivalent of $15,639,146); 85,000,000 XRP (worth $51,990,067) and 90,000,000 XRP (evaluated at $55,248,785). The total transferred was 200,000,000 XRP worth $122,700,000.
The 85 million XRP transfer was made from one anonymous wallet to another, according to Whale Alert. Ninety million XRP were moved by Ripple giant to an address that is also marked as anonymous by Whale Alert. However, details shared by XRP-focused analytics platform Bithomp show that this was a regular internal transaction, and the money landed in another Ripple-linked wallet.
🚨 🚨 🚨 90,000,000 #XRP (55,248,785 USD) transferred from #Ripple to unknown wallethttps://t.co/ZsBGVk0EXE
— Whale Alert (@whale_alert) November 20, 2023
The reason behind it could be the blockchain behemoth putting these 85 million XRP away in order to convert them into fiat later by selling them on an exchange. Ripple does store a significant amount of XRP counted in the tens of billions. As a rule, the company releases around 200,000,000 XRP from escrow on the first day of every new month. The total released amount is usually one billion XRP, but Ripple locks back about 800 million from it on the very same day.
The remaining 200 million is likely used by Ripple for covering its operating expenses, for supporting the circulating supply of the coin on the market and for filling up “Ripple Payment” corridors with liquidity.
More of Ripple’s participation revealed here
Finally, the 25.5 million XRP transaction was made by an anonymous sender targeted at the major Bitstamp exchange. The above-mentioned Bithomp’s data revealed that behind the sender stands also Ripple Labs — it used one of its wallets to shovel these millions of XRP to Bitstamp.
🚨 25,500,000 #XRP (15,639,146 USD) transferred from unknown wallet to #Bitstamphttps://t.co/0WD6PVQ9Hw
— Whale Alert (@whale_alert) November 20, 2023
Bitstamp’s role here is to support one of Ripple’s ODL corridors powered by RippleNet, which use XRP as an intermediary coin for making large international transactions. ODL stands for On-Demand Liquidity, but it was recently rebranded as simply “Ripple Payments” to make it easier for new customers to understand and remember.
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