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Whale Alert reports massive XRP transfers were recorded in the past day.
Leading cryptocurrency data tracking platform, Whale Alert, has tracked the movement of a massive amount of Ripple (XRP). According to Whale Alert, an anonymous whale transferred 310,365,004 (310.36 million) XRP to another unknown user in the past hour. At the time of the transaction, the 310.36 million XRP tokens were worth $147.32 million.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 310,365,004 #XRP (147,325,604 USD) transferred from unknown wallet to unknown wallethttps://t.co/p4vrj5p4jP
— Whale Alert (@whale_alert) November 7, 2022
Reason Behind the Transaction
In recent times, Ripple whales have moved huge amounts of XRP tokens. Most of these large XRP transfers are connected to Ripple’s On-Demand Liquidity (ODL) service.
As reported, there has been a growing demand for Ripple’s ODL, a solution that uses XRP as a bridge currency for cross-border settlements. Traditional financial institutions mostly use the service for instant and low-cost cross-border remittances.
Meanwhile, there is a possibility that the huge transfer was made for investment purposes. The value of XRP has been reacting to events from the Ripple vs. SEC lawsuit. The ongoing suit has lingered for over a year and has been a major determinant of XRP price.
Following events in the lawsuit, many investors hope the ruling will be in Ripple’s favor. It is expected that a win for Ripple would fuel the price of XRP. Based on this, investors are taking early positions in the asset class, hoping the lawsuit outcome favors the blockchain company.
More Huge XRP Transfers
It is noteworthy that other large XRP transfers were recorded in the past 24 hours. Per Whale Alert, an anonymous whale deposited 29 million XRP ($13.52 million) to an address on the Bitstamp crypto exchange.
🚨 29,000,000 #XRP (13,528,317 USD) transferred from unknown wallet to #Bitstamphttps://t.co/sNXQH9oUvm
— Whale Alert (@whale_alert) November 7, 2022
71,389,448 (71.38 million) XRP tokens were sent in two transactions to different addresses on the FTX exchange.
🚨 35,774,039 #XRP (16,631,186 USD) transferred from unknown wallet to #FTXhttps://t.co/KUZXGrwsDa
— Whale Alert (@whale_alert) November 7, 2022
Three hours ago, an anonymous whale deposited 35 million XRP in Bitstamp. The tokens were worth $16.5 million when the transaction was made.
🚨 35,000,000 #XRP (16,500,007 USD) transferred from unknown wallet to #Bitstamphttps://t.co/R6aVuFKM1j
— Whale Alert (@whale_alert) November 7, 2022
Whales moved 445,754,452 (445.75 million) XRP tokens in the last 24 hours. At the current exchange rate, the tokens moved by Ripple whales are worth $211.89 million.
According to data on Coingecko, XRP is changing hands at $0.475, down 3% in the past 24 hours.