Cryptocurrency enthusiasts are closely monitoring a series of large XRP transactions linked to Ripple Labs. According to Whale Alert, an entity suspected to be Ripple has moved a substantial amount of the digital currency, totaling over 52 million XRP, to the Bitstamp and Bitso exchanges today, with a market value of approximately $32 million. This move has raised eyebrows within the XRP community, sparking concerns about potential price impacts due to these significant sales.
The recent transfer follows a pattern of hefty transactions from the past week. Last Wednesday, Whale Alert reported transfers of 25.4 million XRP to Bitstamp and another 26.2 million XRP to Bitso from an unknown wallet likely associated with Ripple. These activities have fueled speculation regarding their purpose, with some suggesting a link to RippleNet's cross-border fund transfers and anticipation surrounding SWIFT's upcoming announcement about the ISO 20022 standard, which is expected to enhance transaction efficiency and speed.
Moreover, Whale Alert observed another major transaction yesterday involving Ripple Labs, where 85 million XRP were shifted between anonymous wallets amidst a slight dip in the XRP price. This was preceded by an internal movement of 90 million XRP on Monday and a dispatch of 25.5 million XRP to Bitstamp from an anonymous source connected to Ripple Labs. This activity aligns with Ripple's routine of managing its funds through monthly escrow releases, which support operational expenses and their On-Demand Liquidity (ODL) services while re-securing a majority back into escrow. The ODL service is designed to facilitate international transactions using XRP as a bridging currency.
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