Crypto traders are following a massive transfer of 119,999,900 XRP from one unknown wallet to another.
Whale Alert, an automated blockchain data tracker that identifies large cryptocurrency transactions, first reported the movement.
? ? 119,999,900 #XRP (23,789,874 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) May 27, 2020
Although the owners of the two wallets in question are unknown, the XRP explorer Bithomp reports that Bitstamp, a Luxembourg-based exchange, activated both the sending and receiving accounts.
The fact that the wallets were activated by Bitstamp does not necessarily mean the exchange owns the XRP. The company could have created the wallets for customers who bought or transferred XRP, for example.
Bitstamp has, however, partnered with Ripple to power the San Francisco startup’s XRP-based cross-border payments product, On-Demand Liquidity (ODL)
And the exchange has also been on the receiving end of numerous big XRP transactions in recent months. In January, Bitstamp received 24,999,995 XRP from an unidentified wallet, and in March, Whale Alert reported that the company received an identical amount from a separate unknown wallet.
In late 2019, a Ripple-owned wallet sent the crypto exchange 220,303,137 XRP worth $49.28 million at the time.
In a move that could help Ripple and ODL reach United Kingdom remittance corridors, Bitstamp also recently announced that it’s adding the pound sterling to its crypto trading pairs. The exchange says it won’t charge any trading fees on numerous GBP pairs – USD, EUR, BTC, ETH, XRP, LTC and BCH – until September.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Metallic Citizen
