A total of 100 million XRP worth almost $50 million was moved to unknown wallets by blockchain major Ripple, data from Whale Alert showed.
Just a few days ago, whale movements were at their peak when a whopping 975 million XRP tokens were transferred in less than two hours according to the blockchain tracking platform.
The largest transaction ever was the transfer of 500 million XRP, or $230.36 million, from an unidentified wallet to a Ripple Escrow wallet. It was instantly locked in “escrow” at the Ripple Escrow wallet, a function that enables users to set conditional cryptocurrency payments.
A transfer of 300 million XRP, or $138.56 million, from an anonymous wallet to Ripple was the second-largest transaction that was seen.
Anonymous wallets deposited 54.23 million XRP, or about $25 million, to the cryptocurrency market Bitso in Mexico. Per data, a whale transferred 60 million of the above asset, or around $28 million, from a secret wallet to the Bitstamp cryptocurrency exchange in Luxembourg.
Reason Behind Massive XRP Tokens Transfer
In the hours leading up to the time of publication, the recipient’s identity is still unclear. The transfer, however, is anticipated to be linked to the On-Demand Liquidity [ODL] program offered by the blockchain corporation.
Ripple might have transferred the funds to a user of its ODL solution. It is important to note that Ripple’s ODL utilizes XRP as a bridge currency for international payments.
The token noted another uptick in the on-chain metric count.
Data from CoinMarketCap revealed that the token’s trading volume recently experienced a dramatic increase of 1,500%. However, the price of the coin was unaffected, leading the crypto community to speculate.
Increased volatility often results in higher trading volumes as seasoned traders buy and sell big amounts of cryptocurrency to make profits. However, as the coin has been consolidating in a range since Oct. 20, this was not the case for XRP this time.
Investors who wanted to purchase the asset at its present range in expectation of a significant price change may have been the most likely cause of the spike. As of the time of writing, XRP is trading at $0.49, a marginal increase of 1.28% over the last 24 hours.