Anonymous Whales Move 170M Ripple (XRP), Here’s What May Be Behind the Transactions

Ripple whale investors have shuffled huge amounts of XRP

Whale Alert, a cryptocurrency data platform that tracks large cryptocurrency transfers, has been reporting the movement of Ripple (XRP) by high net worth investors.

Over the past 24 hours, a total of 170,388,591 (170.38 million) were moved by Ripple whale investors. At the current XRP exchange rate of $0.47, the fund is valued at around $157.68 million.

According to the whale tracking service, an anonymous whale moved 60 million XRP from an unknown wallet to Bitstamp. The transaction, which took place earlier today, was worth $28.93 million at the time.

? ? 60,000,000 #XRP (28,936,510 USD) transferred from unknown wallet to #Bitstamphttps://t.co/yvN2L1w1M5

— Whale Alert (@whale_alert) October 18, 2022

Other Large XRP Transfers

Whale Alert also tracked yet another large XRP transaction involving an address on the Bitstamp cryptocurrency exchange. A total of 64,088,591 (64.08 million) XRP were transferred to an unknown wallet from Bitstamp.

According to data from Whale Alert, the fund was worth $30.81 million at the time of the transaction.

? ? ? 64,088,591 #XRP (30,810,077 USD) transferred from #Bitstamp to unknown wallethttps://t.co/ukQLjMJlIX

— Whale Alert (@whale_alert) October 18, 2022

In a similar development, a total of 22.3 million XRP coins ($10.71 million) were sent to an unknown wallet from an address on Bitso.

? 22,300,000 #XRP (10,712,266 USD) transferred from #Bitso to unknown wallethttps://t.co/RIjb1uRE6g

— Whale Alert (@whale_alert) October 18, 2022

Furthermore, an anonymous Ripple whale withdrew 24 million XRP worth $11.29 million from Bitstamp.

? 24,000,000 #XRP (11,229,346 USD) transferred from unknown wallet to #Bitstamphttps://t.co/gumW7tTkG8

— Whale Alert (@whale_alert) October 18, 2022

Rising Demand in Ripple’s ODL

In this latest round of large XRP transfers, Bitso and Bitstamp were the only cryptocurrency exchanges involved. It is worth mentioning that both crypto trading platforms are official partners of Ripple’s On-Demand Liquidity (ODL) service, a payment solution that uses XRP as a bridge currency.

Interests in Ripple’s ODL have been on the increase in recent times, as different payment giants adopt the solution to bypass the issues associated with the traditional financial system. Several clients have used both crypto trading platforms to purchase XRP in order to meet their ODL needs.

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