Ripple Continues to Transfer Millions of XRP to Bitstamp Exchange

Read about Ripple's recent transfer of millions of XRP to Bitstamp exchange and its implications for the cryptocurrency market.

Posted 8 months ago in Blockchain


Image: Ripple Logo without XRP symbol

Blockchain behemoth Ripple has once again made a large transfer of XRP to the Bitstamp exchange, according to cryptocurrency tracker Whale Alert. The transfer involved 28,600,000 XRP, which is equivalent to $14,733,134 USD. While some may interpret this as Ripple selling off its tokens, there may be another explanation. Bitstamp is one of Ripple's ODL corridors, where the company utilizes its On-Demand Liquidity technology to transfer funds using XRP and crypto exchanges. This rebranding of ODL as the 'Ripple payments service' aims to make it more user-friendly for non-technical individuals. In addition to Bitstamp, Ripple also works with other payment platforms such as Bitso and Coins.ph. These large transfers are vital for maintaining the ODL corridors. Despite this news, XRP has experienced a 3.74% decline in price over the past 24 hours, reaching $0.50477.

Last updated 9/21/2023, 10:16:58 AM

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