Millions of XRP Shoveled to Ripple ODL Exchanges, Here’s Who’s Behind This

Popular crypto tracker Whale Alert spotted several big XRP transactions over the past 10 hours, carrying almost 90 million of this Ripple-affiliated digital currency.

In the meantime, over the last 24-hour period, the seventh largest crypto has added nearly 4% to its price.

Whales move 85 million to Ripple’s ODL platforms

According to the aforementioned source of blockchain data, wallets tagged by Whale Alert as “unknown” transferred two lumps of XRP to the Bitstamp exchange.

This platform is also one of the ODL corridors Ripple fintech giant works with to conduct seamless and low-cost transnational payments using XRP.

Per details revealed by XRP-centered analytics website Bithomp, both transactions were made from addresses of BitGo, the largest crypto custody operator in the U.S.

It works with financial institutions, including Ripple itself and its numerous customers.

Among these XRP transfers made to Bitstamp was a transaction that carried 30,400,000 to one of Ripple’s ODL platforms: Bitso cryptocurrency unicorn based in Mexico. This is the largest crypto exchange in Latin America.

According to details shared by Whale Alert, this was a movement of funds from one wallet belonging to Bitso to another wallet of the same exchange.

XRP remains in top 10, despite long-standing lawsuit

Recently, founder of CryptoLaw John Deaton stated that XRP has been strong enough to remain on the top 10 list of coins, per CoinMarketCap, despite the lengthy legal action against the company, its founder Chris Larsen and current chief executive Brad Garlinghouse.

The lawsuit was initiated by the SEC in December 2020, and the regulator claims that XRP is an unregistered security. It also accuses the aforementioned top executives of Ripple Labs of making nearly $2 billion on selling XRP to institutional investors.

Deaton reminded the crypto community that before the suit, from 2015 until the very day it was attacked by the SEC, XRP was one of the top three cryptocurrencies.

#XRP has been a Top 10 Crypto for a decade. When FinCEN settled w/@Ripple in 2015 #XRP was #2. Between 2017-2018 it battled #ETH consistently for #2. In October 2018 even after Hinman gave #ETH a free pass #XRP was briefly #2. XRP was #3 when the SEC sued Ripple in December 2020. https://t.co/h4i4bcJBTx

— John E Deaton (@JohnEDeaton1) November 25, 2022