Ripple's XRP Transfer Boosts Bitstamp: 7% Weekly Surge

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


177 Listen to this article Recent large XRP transactions have been drawing attention in the crypto world, with strong indications […]

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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.

Read Also:  $17.7 Trillion Wall Street Impact on Bitcoin, Ethereum, and XRP Prices

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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