Ripple and other XRP whales continue to shuffle millions of tokens, with the latest batch transferred to Binance and Bitstamp right before the June escrow unlock.
Two XRP whale addresses just moved approximately 100 million XRP ($51 million) to Bitstamp and Binance right before Ripple unlocked 1 billion tokens for June. An on-chain investigation by The Crypto Basic suggests that one of the whale addresses is associated with Ripple.
Ripple Moves 23M XRP to Bitstamp
Whale Alert, a leading whale-tracking platform, highlighted both transactions in two separate tweets. The first transaction, which occurred on May 31 at 20:33 (UTC), saw the movement of 23.5 million XRP ($12.24 million) from an unknown address to Bitstamp.
On-chain data suggests that this unknown address was activated by Ripple, indicating an affiliation with the technology company. The intent of the transaction remains unknown as of press time, but proponents speculate that it could involve ODL purposes or funding for Ripple’s internal operations.
🚨 23,500,000 #XRP (12,247,897 USD) transferred from unknown wallet to #Bitstamphttps://t.co/0aFSBbpo09
— Whale Alert (@whale_alert) May 31, 2023
Recall that Ripple recently deepened its ties with Bitstamp after purchasing the Bitstamp shares previously held by Pantera Capital, a US-based investment company. Pantera had acquired the shares for $10 million in 2013 but sold them off to Ripple in Q1 2023, The Crypto Basic disclosed.
75M XRP Moved to Binance
Barely two hours after the Ripple movement, an unknown wallet transferred 75.9 million XRP, valued at $38.83 million, to Binance.
🚨 🚨 🚨 75,987,591 #XRP (38,831,254 USD) transferred from unknown wallet to #Binancehttps://t.co/YotqQtqgRs
— Whale Alert (@whale_alert) May 31, 2023
Despite its designation, data from Bithomp indicates that the sending address was activated by Binance. This suggests that the wallet might also belong to the exchange, leading to the conclusion that the transaction was merely an in-house movement.
The recent transaction is not uncommon, as Binance has, in the past, moved millions of XRP in large whale transactions. In early March, The Crypto Basic disclosed that the exchange shuffled 34 million XRP when Ripple moved 100 million tokens to an unknown wallet.
Ripple’s June Escrow Unlock
Meanwhile, the latest movements engineered by Ripple and Binance occurred just before Ripple unlocked 1 billion XRP from escrow for June. The technology company released the tokens in three transactions involving 200 million XRP, 300 million XRP, and 500 million XRP.
At the time of reporting, Ripple has not moved any tokens from the recipient addresses. The firm typically transfers out a portion of the unlocked tokens to cater to business operations and sends back the excess XRP to escrow. It remains unclear if the recent movement of 23 million XRP is related to the company’s latest escrow unlock.
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Source: https://thecryptobasic.com/2023/06/01/ripple-and-whales-move-100-million-xrp-to-binance-and-bitstamp/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-and-whales-move-100-million-xrp-to-binance-and-bitstamp