Why is Ripple moving tens of millions of XRP? - 2 minutes read


The popular crypto tracker called Whale Alert has reported that a total amount of 160.6 million XRP has been moved through Ripple's ODL corridor Bitso in the past 15 hours. The wallet it was sent to is tagged as 'unknown' by Whale Alert.

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Millions of XRP tokens have moved

The fintech company Ripple Labs was spotted transferring a total of 50,000,000 XRP. This sparked a flurry of reactions, with Twitter users trying to guess where it had been sent. Some believe that Ripple could sell a small amount of the XRP they hold. The XRP was moved to one of the company's wallets, RL18-VN. This wallet is mostly used to move or sell XRP outside the company.

Yesterday's transfer included 4.1 billion XRP and went from the Bittrex exchange to anonymous wallets in chunks of 300 million and 500 million was also mentioned. This raised questions about the purpose and participants of that series of crypto transactions.

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As for the rest of the transfers, 2 of them were made by Bitso. This Latin American crypto exchange is based in Mexico and is the only crypto unicorn in that region. There were approximately 9 hours between the amounts of 35,600,000 XRP and 40,000,000 XRP that were sent. Bitso is one of Ripple's ODL platforms and has been actively spreading the use of this technology for money transfers in Latin America.

The 3rd transfer was finally made by an anonymous whale and went to the Bitstamp exchange. However, the sender's wallet was found to be linked to the US-based Bittrex exchange, according to XRP wallet tracker Bithomp.

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