In the most recent developments in the cryptocurrency market, Ripple Labs transferred 119 million units of XRP, equivalent to $59,199,878, to Bitstamp on Tuesday. Bitstamp is a key collaborator on Ripple's "Ripple Payments" service, previously known as "On-Demand Liquidity". The transaction was tracked by Whale Alert and the details were provided by Bithomp.
In addition to this significant move, a separate transfer of 50 million XRP was initiated from Crypto.com to Binance on the same day. This comes amid a period of reduced activity on the XRP Ledger.
Despite this dip in general activity, substantial holdings of XRP continue to be accumulated by large-scale investors referred to as 'whales'. According to data reported by Santiment, these investors have significantly increased their holdings over the past year. Wallets containing between 100,000-100,000,000 XRP saw their holdings increase from $7.16 billion in 2022 to $7.89 billion in 2023. This indicates that these whales now hold around $8 billion worth of XRP.
The recent transfers and continued accumulation of XRP by whales highlight the ongoing interest and investment in this cryptocurrency despite fluctuations in market activity.
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