Half a billion XRP have been wired by crypto whales as XRP reclaims seventh spot from Cardano (ADA)
Whales have been spotted as they transferred nearly 600 million XRP; two of these transfers carried 150 million XRP each. One of the transactions was conducted by Ripple fintech behemoth as it moved crypto to its early ODL platform. In the meantime, XRP has reclaimed seventh place from Cardano (ADA), and Ripple set up a new remittance corridor between Mexico and Canada.
Whales Shift 550 Million XRP as They Might Be Selling
According to Whale Alert, a large crypto transaction has spotted seven large XRP transfers, in which a total of 542.9 million XRP were shifted. The first two transactions carried a whopping 150,000,000 XRP each. One of these chunks was sent from a major South Korean exchange Bithumb.
Precisely the same amount of crypto was later moved from this exchange to an anonymous wallet. It looks like an intention to sell or could be just Bithumb shifting funds between its own wallets. One of these transfers was worth $50,102,336, and the second was evaluated at $50,327,984 as the exchange rate had already changed a little by that time. The difference in these transfers was nearly three hours.
#XRP 🐋 https://t.co/vnnBcaxG1W
— XRPcryptowolf (@XRPcryptowolf) September 8, 2022
Ripple moved 30,000,000 XRP to Bitso exchange, which is based in Mexico and is the largest crypto trading venue in Latin America. It is also an ODL partner of Ripple. The transfer was made from Ripple’s RL18-VN wallet.
🚨 30,000,000 #XRP (10,012,438 USD) transferred from unknown wallet to #Bitsohttps://t.co/BZnf5amDJM
— Whale Alert (@whale_alert) September 7, 2022
Over the past month, Whale Alert has been frequently reporting massive transfers of XRP on a weekly and sometimes even daily basis as whales have become more active in selling and buying this digital currency, which regained a seventh place on CoinMarketCap. It had previously lost that position to ADA earlier.
The aforementioned Ripple partner and ODL corridor, Bitso, has recently decided to set up a remittance corridor between Mexico and Canada. To achieve that goal, the exchange inked a partnership with the African-Canadian payment system Africhange, which is focused on remittances between Africa and Canada. As of late, the number of Mexicans moving to Canada to work has increased. The amount of cash they sent from Canada home exceeds $140 million. This new partnership should help Mexicans to reduce costs while sending remittances to their families back home.
Read more:
- Ripple Presently Awaits A Decision By District Judge Torres
- Ripple: The Window For A Potential Settlement With SEC Has Arrived