Multi-million XRP transfer made to Coinbase exchange, while price making attempts to stage recovery
A leading cryptocurrency transaction tracker Whale Alert, which shares details of large crypto transfers via their account on the X app, has published the date of a massive XRP move that was made to the top U.S.-based crypto exchange Coinbase.
The transaction was conducted from a wallet that Whale Alert tagged as “unknown,” and it carried 39,523,129 XRP in total. This amount of cryptocurrency is equal to $25,853,836 in fiat.
The goal of this transfer seems to be clear — the whale intends to sell this XRP chunk to take profits off the table.
At the time of writing this article, XRP is changing hands at the $0.66583 level after staging a 6% rise over the last 24 hours. Prior to that, the Ripple-affiliated coin had been trading in the range of this level, falling several times and then rising again in an attempt to surpass this resistance level.
Ripple moves nearly 150 million XRP
Earlier this week, the aforementioned data source reported that fintech behemoth Ripple Labs had shoveled a much bigger amount of XRP than the whale sold on Coinbase. The San Francisco-based Ripple decacorn made three transfers, which together carried an astounding 148 million XRP.
A massive 100,000,000 XRP was transferred between Ripple’s own blockchain addresses. Smaller chunks of 23,400,000 XRP and 24,700,00 XRP were moved from anonymous wallets to crypto trading platforms Bitstamp and Bitso.
However, data shared by the Bithomp analytical service focused on XRP shows that these transactions were initiated by a wallet affiliated with Ripple Labs.
Bitstamp and Bitso are crypto exchanges that have been long-term partners of Ripple in its cross-border payments undertaking based on RippleNet and utilizing XRP. Initially, it was called on-demand liquidity (ODL), but recently the blockchain giant rebranded it as Ripple Payments. This service now covers more than 70 countries around the world, according to a recent report published by Ripple.
About the author
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
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