Ripple, one of the leading blockchain companies, transferred a large amount of XRP to an unknown wallet less than 10 hours ago. Ripple transferred a whopping 75 million XRP to an unknown wallet, according to Whale Alert, a popular cryptocurrency data platform that monitors these massive transactions. At the time of the transaction, the fund was worth $35 million.
Read more: Ripple’s $250M Fund Supports Web3 Projects in the ‘Entertainment and Media’ Sectors
The Ripple Wallet’s Details
According to Bithomp Explorer, one of the leading explorers on the XRP Ledger, the Ripple address that sent the fund has recently been used to transfer massive amounts of XRP. Before yesterday’s transaction, the address had transferred a total of 123 million XRP, which was worth approximately $60 million at the current exchange rate of $0.45. Ripple’s large XRP transfers are primarily used to meet the needs of On-Demand Liquidity (ODL) solution clients.
According to Ripple’s Q2 financial report, traditional financial institutions increasingly use the company’s ODL solution for instant cross-border settlements. For cross-border settlements, Ripple’s ODL utilizes XRP as a bridge currency.
With an increased demand for the solution, Ripple revealed that it sometimes purchases XRP from secondary markets to serve its clients better.
Read article: ‘The SEC Has Clearly Forgotten That The Government Works For The People,’ Says Ripple Chief
XRP’s Other Major Movement
However, apart from Ripple’s 75 million XRP transfer to an unknown user, Whale Alert reported that whale investors transferred 158.7 million XRP in the last 24 hours.
A pseudonymous whale withdrew 32,303,676 XRP from the leading cryptocurrency exchange FTX, totalling $14.87 million.
Similarly, an anonymous whale transferred 66.4 million XRP ($30.88 million) from Bitso, Ripple’s ODL solution partner.
According to the cryptocurrency tracking service, an unknown whale also deposited sixty million XRP coins on Bitso.
Notably, about 14 hours ago, anonymous Whales moved 170M Ripple (XRP).
