Over the past day, Ripple and some of its ODL corridors and popular exchanges like Binance have moved nearly 1.2 billion XRP. The purpose of these transfers is unclear, but there is no sign of tokens being dumped.
Whopping nearly 1.2 billion XRP wired by Ripple, ODL venues, and leading exchanges
Over the past 20 hours, 23 XRP blocks — some exceeding 200 million XRP — have been displaced by major crypto exchanges and tech giant Ripple. Ripple deposited 65,000,000 XRP into the RL18-VN wallet, which is commonly used to send XRP to external wallets, customers, financial institutions, and exchanges, as well as for selling XRP to cover the company’s operational expenditures.
Then, 10,000,000 XRP were transferred from this wallet to the Philippines-based exchange Coins.ph, which acts as an ODL platform. Another Ripple ODL platform, crypto unicorn Bitso, received 20,000,000 XRP from the Bittrex exchange and transferred 20.1 million XRP internally. The largest of these 23 transfers were made by anonymous whales and the Coinone exchange: 225,110,270 and 249,99,980 XRP. That’s $227,928,050 and $247,283,180, respectively.
The other participants who sent and received XRP are Binance (shifted over 120 million XRP), custodial service BitGo acquired by Galaxy Digital this year, FTX exchange, Kraken, and South Korean platform Bithumb (wired 90 million XRP between its wallets). Additionally, 191.4 million XRP were distributed among anonymous crypto addresses. 1.76 billion XRP transferred this time is equivalent to about $1.180 billion.
In another development, Ripple chief executive Brad Garlinghouse stated that despite the legal battle with the Securities and Exchange Commission, 2021 had been the strongest year for the company. According to Garlinghouse, the On-Demand Liquidity solution powered by XRP currently accounts for a quarter of the total USD volume transferred by the RippleNet network.
Besides, among other achievements, two new ODL corridors have been opened: in Japan and UAE. The SEC initiated the case on the last ten days of December 2020, and it is still far from over as both sides continue to win over each other in court.
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Read more:
- Ripple And Several Top-Tier Crypto Exchanges Shifted 334.5 Million XRP
- Ripple Achieved Its Best Year Ever Despite Legal Troubles In The U.S, The Case Will Resolve In 2022