According to data from Whale Alert, which closely tracks big crypto transactions, the last 24 hours saw two significant XRP transfers heading to popular exchanges: Bitso and Bitstamp.
What’s interesting is that these transfers coincided with a noteworthy price jump for XRP, the cryptocurrency associated with Ripple.
In the last 10 days, it was the first time XRP experienced a significant price increase, nearly 9%, while many other cryptocurrencies were on a downward trend.
So, what’s going on with these transfers? The data shows that 32,300,000 XRP, valued at $15,794,353, was sent to the Europe-based platform Bitstamp, and another 32,300,000 XRP, worth $15,212,146, went to Bitso, a Mexican cryptocurrency powerhouse.
At first glance, it might seem like a few crypto investors decided to cash in some of their XRP holdings. However, things get interesting when you dig a bit deeper.
An analytics service focused on XRP transfers and wallets, Bithomp, uncovered that the anonymous senders behind these transactions were linked to Ripple-related wallet r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn.
Here’s where it gets intriguing. Over the past couple of months, Ripple has been regularly sending around 30 million XRP to Bitstamp several times each week, and slightly less frequently to Bitso.
The timing of this latest transfer, combined with the 9% price surge, suggests it might indeed be a smart move for profit. However, there’s another possibility: Bitstamp and Bitso could be Ripple’s partners, facilitating cross-border fund transfers using XRP through RippleNet.
Recently, the US SEC dismissed its case against two of Ripple’s executives, Brad Garlinghouse and Chris Larsen. Brad Garlinghouse is the CEO, and Chris Larsen is the co-founder of the company.