Ripple Raises Stakes, XRP Transactions Pop Out in Hundreds of MillionsAugust 3, 2022
The week continues to see new XRP transactions worth several millions of Dollars. It’s happening around many of Ripple’s on-demand liquidity. Recipients of the latest XRP transactions have been revealed to include prominent centralized crypto exchanges.
Beneficiaries also include some members of Ripple’s ecosystem like Bisto in Mexico, Bitstamp, as well as some unknown wallets. But the stakes around it have been pushed up recently. The turnover on XRP transactions via those schemes now goes beyond several millions of assets.
It was WhaleAlert that revealed that up to 100 million XRP tokens worth about $37.1 million got moved from the Ripple wallet on Wednesday. They were first moved to an unknown address. They were later redistributed between Bitso and Bitstamp in a 60:40 ratio respectively.
It should also be noted that while the funds were in Bitso, or when they were not withdrawn in huge amounts, XRP recorded a considerable turnover. It thereafter moved to another unknown address.
It is not a secret that Ripple now actively works with XRP liquidity. The prevailing method is that coins get unlocked in their hundreds of millions and transferred between crypto addresses. They are then re-locked into the company’s account on escrow as a daily routine.
Ripple Connection and the Crypto Market
This doesn’t come as a surprise because of the recent reports from Ripple. It says the increased proliferation of its on-demand liquidity led to increased sales for the company. An increase in the use cases and volume of the liquidity translates to increased transaction volumes between different venues.
The success Ripple has displayed in this field is self-evident. It is exemplified in the connection with FOMO Pay which occurred recently. FOMO Pay is one of the top payment platforms in Singapore, and it is connected with the company’s on-demand liquidity system.
If things go on the same way they have been in the last couple of days, then there will be more good news. The company’s activities will spring more surprises in the future.
These developments might be too far from the crypto market’s rebound over the past couple of weeks. Some analysts say the signs that the crypto market is shaking itself up might just be a bear market rally. Nevertheless, market players wait for time to test every analytic position.