Ripple, the decacorn startup based in San Francisco, which owns more than half of all XRP in existence, sent the XRP to unknown wallets in two separate transactions. The first transfer happened on Wednesday, with the second coming through two days later.
? ? ? 178,103,677 #XRP (39,496,930 USD) transferred from Ripple to unknown wallet
— Whale Alert (@whale_alert) January 23, 2020
In response to the above tweet from Whale Alert, crypto community connected the transfer to the Luxembourg-based crypto exchange Bitstamp.
Traders speculate the movement was an over-the-counter sale to the exchange and question whether the transfer is connected to Bitstamp’s plans to join Ripple’s XRP-based liquidity solution.
The community usually takes large XRP transfers from Ripple or releases from their escrow negatively since, when this is done, the amount of coin in the market grows. This makes XRP less valuable and, as many believe, prevents the price from surging.
This time, $178,1 million XRP left Ripple to hit a wallet set up by Bitstamp, as per the Bithomp website which shows data on crypto wallets and their balances.
Source: Bithomp
In the comment thread, some are making regular assumptions about a coming dump. One user has assumed that Bitstamp could become an exchange that Ripple may want to use for its European On-Demand Liquidity corridor.
Read more:
- Ripple Reports: The Value Of The US Dollar Transferred By ODL Has Increased More Than 100 Times From Q1 To Q4 2019
- Bithumb Transferred More Than 188M XRP To The Unknown Wallet In January