- Ripple Labs initiates two significant XRP transfers, sending over 30 million XRP to Bitstamp.
- Bitso and Bitstamp, key Ripple collaborators, work on the newly rebranded “Ripple Payments” service.
- XRP whale activities decline, yet notable wallets increase holdings by approximately $730 million.
Amidst ever-evolving crypto dynamics, Ripple Labs has caught attention with its substantial XRP transfers. Bitstamp, a notable cryptocurrency platform, recently became the beneficiary of 30.3 million XRP from Ripple. Notably, this isn’t an isolated event. Just a week ago, an almost identical amount of XRP was moved, signaling heightened activity from Ripple’s end.
Curiously, Bithomp’s data unravels Ripple Labs as the driving force behind these large-scale transfers. And there’s more — a cumulative XRP transfer of 119 million, amounting to nearly $59.2 million, has been observed. Bitstamp isn’t the only recipient. Previously, Bitso, another partner of Ripple, has been on the receiving end of such transactions.
One cannot overlook the synergy between Ripple and these platforms, with the newly branded “Ripple Payments” service, formerly “On-Demand Liquidity” (ODL). This service harnesses XRP for efficient cross-border payments, outpacing traditional banking methods. The focus isn’t just on Bitstamp. A striking 50 million XRP was recently redirected from Crypto.com to the Binance exchange.
Whale movements on the XRP Ledger might be declining, but they’re not dormant. Significant XRP stakeholders are steadily increasing their holdings. It’s evident that wallets with 100,000 to 100,000,000 XRP have augmented their assets from $7.16 billion in 2022 to an impressive $7.89 billion this year.
Looking ahead, Ripple and XRP’s trajectory in the crypto realm appears promising. As Ripple continues to fortify its partnerships and enhance its payment services, XRP is poised to play a pivotal role in reshaping global payment systems.
