Enormous XRP transactions continue directly from Ripple address
The new week continued with new multimillion-dollar XRP transfers in and around Ripple’s various On-Demand Liquidity (ODL) hubs. Recipients of the multimillion-dollar transaction included well-known centralized exchanges, members of the Ripple ecosystem such as Mexico’s Bitso, Bitstamp, and the same unknown wallet. However, the stakes have risen in recent weeks, with XRP trading through these schemes now exceeding hundreds of millions of tokens.
Thanks to crypto whale tracking service WhaleAlert, it became known that 100 million XRP worth $37.1 million were sent from the Ripple wallet today, first to an unknown wallet, and then these funds were redistributed in a 60:40 ratio between Bitso and Bitstamp, respectively. Also, it is worth noting that while the money remained on Bitso, or at least was not withdrawn in large amounts, on Bitstamp, XRP made a turnover and then went to another unknown wallet.
What will Ripple do with the millions of XRP?
As you may have noticed, Ripple is now actively dealing with XRP liquidity. Millions of coins are unlocked, transferred between addresses and then locked back into the company’s escrow account almost every day.
This fact is not surprising, because according to a recent report from Ripple, the increasing proliferation of its ODL directly led to an increase in the company’s sales. As the volume of use of these liquidity “corridors” increases, so does the volume of transactions constantly shuffled between venues.
Ripple’s success in this area is clear – look at the recent connection of FOMO Pay, one of Singapore’s leading payment systems, to the company’s ODL infrastructure. If things continue like this, we can expect to hear more positive news about the company’s activities in the future.