Ripple’s Major XRP Transfer to Bitstamp Fuels 7% Weekly Price Surge

Ripple's XRP

Recent large XRP transactions have been drawing attention in the crypto world, with strong indications of Ripple Labs’ involvement.

The highly regarded blockchain tracker, Whale Alert, has been keeping a watchful eye on substantial daily XRP transfers carried out by anonymous cryptocurrency whales as they navigate XRP movements across various exchanges. Their latest discovery revealed a significant transaction, involving tens of millions of XRP transferred to a prominent crypto trading platform, while an almost equal amount was shifted from an exchange to an undisclosed wallet. Crucially, data from a well-known XRP explorer suggests that one of these anonymous wallets has ties to Ripple Labs.

Whale Activity Involves Millions of XRP Coins

A whopping 55.3 million XRP was seen in motion, courtesy of anonymous whales. Of this, 30,000,000 XRP departed from Bybit, while 25,300,000 XRP found their way to Bitstamp, amounting to $17,200,366 and $14,685,518, respectively. Insights provided by Whale Alert reveal that an anonymous wallet funneled 30,000,000 XRP from Bybit to a cold storage address. Meanwhile, the transfer of 25,300,000 XRP to Bitstamp is traced back to a wallet closely associated with the fintech giant, Ripple, headquartered in San Francisco, U.S.

Bitstamp is known for its partnership with Ripple in providing a payments solution, previously branded as On-Demand Liquidity (ODL). This solution leverages the RippleNet network and employs XRP for swift cross-border transactions, eliminating the need for recipient-side prepaid accounts. Over the past few months, Whale Alert has been documenting regular transfers from this Ripple-affiliated wallet to the Bitstamp and Bitso exchanges, both of which collaborate with Ripple in the payments sector.

Bitstamp serves as a Ripple Payments bridge in Europe, while Bitso extends Ripple’s technology in the Latin American market. Notably, a week ago, the same source reported an XRP transfer executed directly by Ripple, involving 70,000,000 coins.

XRP Price Movement

Over the last 24 hours, XRP displayed a notable uptrend of nearly 6%, surging from $0.55009 to $0.58186. However, the price gains were tempered by a minor 1.73% decline, settling XRP at the $0.57227 mark. In the week since last Friday, XRP, the fifth-largest cryptocurrency affiliated with Ripple, has recorded a 5.73% increase. Despite the slight drop in the past 24 hours, the accumulation of XRP by whales suggests a growing and persistent confidence in the digital asset.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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