Ripple Sells Millions of XRP After Receiving 100 Million XRP From Mysterious Whale
Prominent cryptocurrency tracker Whale Alert has spotted a massive amount of XRP transferred from an anonymous wallet to the centralized crypto exchange Bitstamp.
Details provided by Bithomp analytics platform demonstrate that the sending wallet belonged to blockchain company Ripple based in San Francisco, as it continues to sell more or less similar lumps of XRP, moving them to the aforementioned exchange.
This time, Ripple shifted a total of 29,600,000 XRP to sell, which is equal to $14,525,944.
🚨 29,600,000 #XRP (14,525,944 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ikW1fz8ehr
— Whale Alert (@whale_alert) September 17, 2023
Over the past two months, the DLT giant has been moving around two such XRP chunks to Bitstamp.
The above-mentioned transaction took place after, on Saturday, Ripple behemoth received a whopping 100,000,000 XRP from a wallet marked by Whale Alert as “unknown.”
However, data provided by Bithomp shows that the sender was Canada-based crypto exchange SideShift. The reasons for this transfer are unknown. However, a few years ago, a series of transfers was spotted from Binance to Ripple. A possible reason here is that exchanges sometimes move extra XRP that they received from Ripple back to it. Or, Ripple could be buying back XRP from the secondary market. However, no statements from the company about that have been made.
Ripple rebrands its ODL product
As reported by U.Today over the weekend, crypto decacorn Ripple has decided to rebrand its popular On-Demand Liquidity (ODL) product, which has not escaped the attention of several Ripple/XRP enthusiasts on X app.
A Ripple executive has explained that this move was caused by the fact that the name ODL may be hard for average users to understand at first sight; therefore, the company’s website now speaks about ODL as simply “Ripple payments solution.”