Ripple Moves 30 Million XRP, Here’s Why It Could Be Bullish


Big XRP transfer from Ripple has been spotted, along with XRP transactions by other market players worth 262 million XRP

As reported by the Whale Alert cryptocurrency tracker via its popular Twitter handle, 13 hours ago, the San Francisco, US-based Ripple fintech behemoth made a massive XRP transfer of 30 million XRP.

In the meantime, nearly 262 million XRP coins were also shifted by whales between wallets on various top exchanges.

Ripple injects 30 million XRP into ODL, moving 292 million XRP in total

According to a tweet from the source, Ripple transferred 30,000,000 XRP to the Mexico-based Bitso exchange – a partner of Ripple in which the company invested an undisclosed amount in the fall of 2019.

The transaction was made from one of Ripple’s reserve addresses, RL18-VN, which is used to send crypto to financial institutions, customers and exchanges, according to Bithomp, an XRP-focused wallet tracker.

Furthermore, Bitso is a crypto unicorn and Ripple’s On-Demand-Liquidity (ODL) platform. ODL is a system for fast and seamless cross-border payments that uses XRP.

Now that Ripple continues its legal fight against the SEC, it is doing very well, according to a recent interview by Brad Garlinghouse, the CEO. It keeps supporting its ODL network by injecting more XRP into it.

Overall, Whale Alert said that a total of 291.7 million XRP has been wired between wallets at BitGo, Bittrex, Bitstamp and Bitso, including Ripple.

XRP might soar to $0.471

Crypto enthusiast and podcaster David Gokhshtein has recently tweeted that it looks like the long-running legal case between the SEC and Ripple will be over soon, and so the XRP price is reacting to that by surging over the past week.

As previously reported by U.Today, two crypto traders on Twitter believe that XRP may rise further and rise to the level of $0.471 in the near future. According to him, the coin has the fastest set-up in the cryptocurrency market at the moment.

At the time of writing, XRP is changing hands at $0.4047 after a 6% rise over the past 24 hours, according to CoinMarketCap.


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