Millions of XRP Moved to and From Major Exchanges, Here’s Price Behavior

According to the data provided by major blockchain tracking platform Whale Alert, over the past 24 hours, anonymous wallet owners have transferred several tens of millions of XRP – some of these XRP millions were purchased and withdrawn to a cold wallet, and some were sold.

Additional data from an XRP explorer suggests that Ripple Labs crypto giant may be related to the sales transaction.

In the meantime, the XRP price has increased more than 6% within the last 24 hours after a recent 12% crash caused by the fake news of BlackRock filing for an XRP exchange traded fund.

20 million XRP moved from Bitvavo

Around 15 hours ago, an unidentified wallet made a withdrawal of 20,000,000 XRP from Amsterdam-based crypto exchange Bitvavo, taking $13,044,810 worth of XRP into their cold wallet.

🚨 20,000,000 #XRP (13,044,810 USD) transferred from #Bitvavo to unknown wallethttps://t.co/G0BtkhhAy9

— Whale Alert (@whale_alert) November 14, 2023

Recently, Bitvavo exchange has been mentioned in Whale Alert’s tweets quite often, mostly in relation to enormous transfers of Shiba Inu meme coin. Anonymous whales made around a dozen transfers of 3.4 trillion Shiba Inu each from Bitvavo to their cold wallets, and then some of them transferred those trillions of SHIB on.

Some of those SHIB transfers were crypto supply redistributions made by Bitvavo internally. Each of these 3.4-trillion-SHIB transactions was worth more than $34 million in fiat.

24.5 million XRP sent to Bitstamp from unknown wallet

The second transaction mentioned by Whale Alert is 24,500,000 XRP (equal to $15,312,871), sent from an anonymous wallet to the Bitstamp exchange, a major platform with its head office in Luxembourg and additional ones in Singapore, Slovenia, the U.K. and the U.S.

The sender address ending in -h4Rzn, according to the Bithomp XRP explorer, is related to Ripple Labs crypto decacorn. Over the past few months, Ripple has been making such transfers, sending a maximum of 30,000,000 XRP on a regular basis not only to Bitstamp but also to Bitso – a crypto unicorn exchange based in Mexico.

🚨 24,000,000 #XRP (15,616,660 USD) transferred from unknown wallet to #Bitstamphttps://t.co/SUyAAx4j7c

— Whale Alert (@whale_alert) November 13, 2023

These two crypto trading platforms cooperate with Ripple on its XRP payments service, which used to be known as On-Demand Liquidity (ODL) and was recently rebranded as “Ripple Payments.” It runs on the RippleNet network and utilizes XRP for fast and low-cost international transfers without having to use prepaid accounts, as traditional banks do.

The likely explanation is that Ripple has been sending millions of XRP to these two payment portals to support their operations.

Source