Massive XRP Chunks Moved to Top Exchanges
Whale Alert reports that in the past 24 hours, two major XRP transfers to popular crypto exchanges, Bitso and Bitstamp, occurred. The price of the Ripple-affiliated XRP coin experienced a price jump of nearly 9%, the first in 10 days, while other altcoins continued to decline. The transfers were made to Bitstamp, a Europe-based platform, and Bitso, a Mexican cryptocurrency unicorn. This may seem like crypto investors selling part of their XRP stash. However, Bithomp, an analytics service focused on XRP transfers and wallets, reveals that behind both anonymous senders is Ripple-related wallet. Over the past two months, Ripple has been sending around 30 million XRP to Bitstamp several times per week, and a little less frequently to Bitso. This surge in price may be a profitable sale.
Santiment on-chain data aggregator explains that price growth is due to small whales, who hold between 10,000 and 10 million XRP in their wallets, which account for nearly 30% of the total XRP supply. Additionally, CEO Brad Garlinghouse and cofounder Chris Larsen have been cleared of all charges made by the SEC in December 2020, bringing joy to the Ripple community.
(With inputs from Shikha Singh)
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