Ripple Sends 55.5 Million XRP Anonymously as Price Rises 7%

Ripple’s strategic XRP transfers to exchanges signal a deeper motive beyond mere selling, fostering collaboration.

Robot finding an old crypto coin, behind him crypto coins and cash are flying from open doors.
Created by Kornelija Poderskytė from DailyCoin
  • Anonymous XRP transfers have recently raised intriguing questions on major crypto exchanges.
  • Ripple has made a significant XRP movement: Is it about support or something more?
  • Ripple has been on a mission to transform cross-border payments, and it remains in focus.

A well-known crypto monitoring tool, Whale Alert, tracks substantial cryptocurrency transactions and shares related information on X. This tracking bot unveiled two consecutive transfers of XRP from undisclosed wallets to cryptocurrency exchanges. 

Ripple Payments Initiative Likely Reason for XRP Transfers

The first transfer involved 28,500,000 XRP, while the second transfer moved 27,000,000 XRP. These transfers were directed towards the Bitso and Bitstamp crypto exchanges. During this period, XRP exhibited a notable increase in its weekly price, climbing nearly 7%, as reported by CoinMarketCap.

Upon closer examination of these transactions, data from Bithomp revealed that they originated from the same anonymous wallet associated with Ripple Labs, a fintech company headquartered in San Francisco, United States. 

The primary objective of sending a total of 55.5 million XRP to these exchanges is not selling but rather providing support to platforms that collaborate with Ripple in its Ripple Payments initiative, which leverages XRP within RippleNet. These cryptocurrency transfers total value amounts to nearly $16 million and $15 million, respectively.

Ripple Streamlines ODL to Conquer Banking Challenges

Ripple Payments, previously known in the crypto community as On-Demand Liquidity, underwent a comprehensive rebranding effort by Ripple. This change was implemented to make the concept accessible to those outside the crypto sphere. 

Ripple, by employing its own service for swift and cost-effective cross-border payments, aims to enhance the traditional banking system’s pre-funded accounts used for transfers, which can often take several days and pose various challenges for participants.

On the Flipside

  • These substantial XRP transfers to crypto exchanges could raise concerns about market manipulation, as a large influx of XRP could potentially impact the token’s price dynamics.
  • The XRP market has experienced its fair share of legal and regulatory challenges. The ongoing SEC lawsuit against Ripple Labs adds a layer of uncertainty to XRP’s future.

Why This Matters

These substantial XRP transfers to leading crypto exchanges underscore Ripple’s continued commitment to bolstering its partner platforms through the Ripple Payments initiative, ultimately striving to enhance cross-border payment systems and challenge conventional banking norms, with potentially far-reaching implications for the cryptocurrency ecosystem.

To learn more about Ripple’s proficiency in revolutionizing cross-border payments, read here:
Ripple to Use Uphold’s Expertise for Cross-Border Payments

Curious about the ongoing legal battles surrounding Ripple and the SEC? Delve into the details here:
Ripple Still in Hot Waters as SEC’s Legal Battle Continues

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.