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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.