The owners of anonymous wallets have sent two noteworthy XRP chunks totaling millions of US dollars to prominent cryptocurrency exchanges in the previous 24 hours, according to the blockchain detective Whale Alert.
In the meantime, the price of XRP has increased by more than 10% on a weekly basis.
https://x.com/whale_alert/status/1720185826963845506?s=20
50 million XRP sent to Bitstamp and Bitso
According to Whale Alert, anonymous whales moved 25,400,000 XRP twice, with each transfer valued at $15,426,739, to Bitstamp (based in the EU) and Bitso (located in Mexico).
A few years ago, Bitso, a unicorn in the cryptocurrency space, attracted capital from several firms as well as the massive fintech company Ripple.
https://x.com/whale_alert/status/1720185752036716878?s=20
These two platforms now partner with Ripple to provide its cross-border payment operations using XRP coins and its RippleNet network. This guarantees quick and inexpensive money transfers in XRP, which are then exchanged for local currency when the recipient crypto exchange arrives.
Bithomp data indicates that both anonymous whales have been connected to the same wallet, which is connected to Ripple Labs.
Ripple unlocks one billion XRP
The massive financial company Ripple liberated one billion XRP tokens from escrow at the start of November, carrying out an action that has been customary for them during the previous six years. To enhance the coin’s liquidity on exchanges and to promote XRP in the cryptocurrency market, this practise was initiated in the early months of 2018.
These are scheduled XRP releases that are issued on the first day of every month, without fail. A day following the release, the vast majority of these freed billion coins are often returned to escrow.
This time, too, the massive cryptocurrency sent 800 million XRP back in two transactions of 400 million XRP apiece.
In fiat money, one billion XRP is presently worth $597,923,153. The estimated value of 800 million XRP is $478,338,522.
Typically, the price of XRP is unaffected by these enormous fluctuations in XRP.
XRP market performance
XRP, the fifth-largest cryptocurrency by market capitalization, has seen a noteworthy increase of 10.15% since Sunday, October 29. This week’s little drop on Thursday would have prevented XRP’s price increase from reaching an even greater 14.69%.
XRP is now trading at $0.59694 on the Bitstamp platform as of this writing.
