XRP has experienced a noteworthy development in the cryptocurrency realm, as the prominent tracking bot Whale Alert detected a substantial increase in activity among Ripple whales in the past 24 hours, with the transfer of more than 500 million Ripple.Concurrently, new players have entered the cryptocurrency market, establishing themselves as Ripple whales.
According to on-chain data provided by the Whale Alert, a total of six crypto transactions were identified. Among these, two transactions involved the transfer of more than 120 million XRP each, while another moved almost 200 million Ripple. The majority of these transactions were directed to wallets labeled as “unknown new” by Whale Alert.
Noteworthy among these transactions were three withdrawals from the major European cryptocurrency exchange Bitvavo, located in the Netherlands. These transactions involved sizable amounts of Ripple, totaling 123,112,280 XRP, 196,399,896 XRP, and 25,000,000 XRP. Cumulatively, these Ripple holdings were valued at $177,500,000 in fiat currency.
Remarkably, all three of these transactions were directed to new wallet addresses, suggesting the emergence of three new cryptocurrency whales who have acquired substantial amounts of Ripple.
XRP Chunks Transferred To Bitstamp And Bitso
The remaining three transactions, distinct from the Bitvavo exchange, involved the deposit of Ripple chunks into major cryptocurrency trading platforms Bitstamp and Bitso. Whale Alert recorded transfers of 21,800,000 XRP and 28,200,000 XRP (equivalent to $11,185,280 and $14,469,021, respectively) from anonymous digital wallets to these platforms.
Further investigation into the details, courtesy of the XRP-focused explorer Bithomp, revealed that both transactions to Bitstamp and Bitso originated from the same wallet address associated with Ripple Labs, a blockchain decacorn. It is worth noting that both Bitstamp and Bitso collaborate with Ripple Labs, serving as foundations for Ripple’s transnational payment service, operating on RippleNet and utilizing Ripple for rapid and cost-effective payments globally.
Formerly known as On-Demand Liquidity until the fall of 2023, Ripple decided to rebrand it as “Ripple Payments” to enhance clarity and attract new customers, as disclosed by details provided by Bithomp.
In a contrasting perspective, Bitcoin maximalist Max Keiser expressed criticism of Ripple in two tweets earlier this week, denouncing it as “centralized garbage.” Keiser foresees Ripple’s value falling to zero against Bitcoin, asserting that Bitcoin is the sole decentralized commodity and currency in the market.