A large transfer of XRP was made by Ripple Labs yesterday evening, as reported by Whale Alert, a crypto tracking service. The transfer involved 100 million XRP valued at $39.2 million, sent to an unknown wallet.
It has been discovered by fxcryptonews that the wallet where the 100 million XRP was transferred is actually owned by Ripple, even though it was originally labeled as unknown. It is expected that Ripple will use the transferred XRP to increase liquidity on various cryptocurrency exchanges by depositing it there.
In addition, Ripple may choose to distribute the funds to customers who use its On-Demand Liquidity (ODL) service. It’s important to mention that the ODL service relies on XRP as a mediator currency for international transactions.
Ripple has been notably active in transferring significant amounts of XRP lately. As per the records of Whale Alert, the prominent blockchain firm moved 510 million XRP through multiple transactions just two days ago.
Whale Alert claimed that unknown whale accounts carried out the transactions. However, data provided by Bithomp, an analytics platform dedicated to XRP, revealed that Ripple was actually the sender of both transactions.
The recent transfers by Ripple occurred approximately three weeks after the company released 1 billion XRP from escrow. After unlocking the funds, the company reserved 400 million XRP for operational expenses, while the remaining 600 million XRP was returned to escrow.
Whales Move 85 Million XRP
Besides Ripple’s recent XRP transfers, Whale Alert reported on other significant XRP transactions within 24 hours. An unidentified whale withdrew 50,304,136 (50.3 million) XRP from Binance, the world’s largest cryptocurrency exchange, 23 hours ago. The total value of this transaction was $19.76 million.
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Furthermore, a wealthy cryptocurrency investor deposited 35 million XRP, which amounts to $13.68 million, to Bitstamp, a European cryptocurrency exchange.
The current market trend has resulted in a decline in the value of XRP, along with other digital currencies. Coingecko’s data shows that XRP is trading at $0.391, representing a 2% decrease in value over the last 24 hours.
