Cryptocurrency tracker Whale Alert, Ripple data on another large XRP transfer by a linked wallet shared. As has happened many times before in the last two months, these millions of XRP were transferred to the Bitstamp exchange. The transfer included 28,600,000 XRP valued at 14,733,134 USD. While the Ripple decacorn appears to be selling tens of millions of XRP tokens, there is another possible explanation.
🚨 28,600,000 #XRP (14,733,134 USD) transferred from unknown wallet to #Bitstamphttps://t.co/wZzc8PqGsc
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) September 20, 2023
bitstamp, is one of Ripple’s ODL (On-Demand Liquidity) corridors. ODL is the company’s XRP and crypto- It is a technology that helps transfer large amounts of funds over any distance using exchanges. Recently Ripple started rebranding ODL as simply “Ripple payment service” because it does not seem complicated to users who are tech amateurs.
Koinfinans.com As we reported, apart from Bitstamp, there are other crypto exchanges that operate as Ripple’s payment platforms, such as Bitso in Mexico and Coins.ph in the Philippines. Large amounts of XRP are required to maintain these ODL corridors. Therefore, it is possible that Ripple is transferring large chunks of XRP to Bitstamp for this reason. Meanwhile, in the last 24 hours, the XRP price dropped by 3.74% to $0.50477.
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