The XRP token has recently been showing signs of growth, but it has not yet broken the resistance at the $0.41 level. Despite this, large holders of the cryptocurrency, known as “whales,” continue to move significant amounts of XRP through various transactions.
According to data from Whale Alert, over the past 10 hours, these whales have transferred more than 260 million XRP through a series of transactions. One notable transfer came from the Bithumb exchange, which has recently faced legal issues with authorities.
🚨 🚨 🚨 🚨 🚨 🚨 160,000,000 #XRP (65,533,398 USD) transferred from unknown wallet to unknown wallethttps://t.co/USsWzZuPhF
— Whale Alert (@whale_alert) January 27, 2023
Whale Alert, a popular cryptocurrency tracking website, recorded four large transactions of XRP over the past 10 hours. The majority of the participating wallets were marked as anonymous, but further information revealed that one of the largest transfers, involving 160,000,000 XRP, was conducted by the South Korean crypto exchange, Bithumb. This transfer was made between Bithumb’s own wallets, indicating an internal movement of funds.
Another internal transfer was made by the Bitso exchange, which is a major partner of Ripple in the Latin American region. Bitso is actively working to promote Ripple’s On-Demand Liquidity (ODL) technology, which facilitates fast and inexpensive cross-border payments and remittances. In this transaction, 39,500,000 XRP was transferred from one Bitso address to another.
Two more large transactions of XRP were recorded by Whale Alert, conducted by “whales” from the U.S.-based Bittrex exchange. These transfers involved 30,000,000 XRP and 33,000,000 XRP respectively, sent to the Bitstamp and Bitso exchanges.
In total, these transactions added up to 262.5 million XRP, which has an equivalent value of $107.7 million in traditional currency. These transactions, conducted by large holders of the cryptocurrency, demonstrate the ongoing movement of XRP in the crypto market.