Ripple Moves 107 Million XRP to These Top Platforms, Here’s Hidden Goal

Popular crypto tracking platform Whale Alert, which tracks down large crypto transactions and shares their details on its X app account, is spreading the word that anonymous wallets have moved big amounts of XRP (two chunks of roughly 30 million coins each) to two popular exchanges.

One important point here is that both of these platforms are related to Ripple Payments, formerly known as On-Demand Liquidity (ODL).

Details reveal that these anonymous wallets are connected to blockchain behemoth Ripple.

🚨 30,400,000 #XRP (15,831,100 USD) transferred from unknown wallet to #Bitsohttps://t.co/tS8lhuX22D

— Whale Alert (@whale_alert) October 5, 2023

Ripple shovels 107 million XRP to ODL platforms

Whale Alert spotted the following lumps transferred to Mexican exchange and crypto unicorn Bitso on Oct. 4 and 5 — 20,400,000 XRP and 30,400,000 XRP. Then, 26,800,000 XRP and 29,300,000 XRP were shoveled to the EU-based Bitstamp exchange.

🚨 29,300,000 #XRP (15,258,265 USD) transferred from unknown wallet to #Bitstamphttps://t.co/TILeFN5SwC

— Whale Alert (@whale_alert) October 5, 2023

In total, that is just slightly under 107 million XRP, evaluated at slightly more than $56 million in fiat.

Details provided by the XRP-focused analytics platform Bithomp show that both of these sending wallets are connected to Ripple fintech company based in San Francisco and spearheaded by Brad Garlinghouse.

Both Bitso and Bitstamp collaborate with Ripple on its system of XRP-based cross-border payments, which used to be known as ODL. ODL is based on RippleNet and allows the transfer of any amount of funds to any corner of the world (where there is an ODL bridge) using XRP without any prepaid accounts.

Bitso serves as an ODL platform in Latin America, and Bitstamp works in the same way in Europe. Recently, however, Ripple decided to rebrand ODL into simply “Ripple Payments,” since this name is easier to understand for outsiders, i.e., users who have not encountered Ripple or crypto in general before.

As reported by U.Today earlier, one of Ripple’s major partners that operates in Malaysia, Tranglo, shared that last year it saw 1,700% growth in ODL usage, with the $970 million milestone reached in transaction volume. That was a significant rise compared to $59 million in 2021.

Source