- Crypto tracker Whale Alert detected two significant XRP transactions, totaling nearly 60 million tokens.
- Ripple has been actively transferring substantial sums to exchanges, particularly Bitstamp and Bitso.
- To support its cross-border payment system, the firm has moved more than 119 million XRP.
Crypto tracker Whale Alert recently detected two massive XRP transactions totaling nearly 60 million tokens worth over $59 million.
The transfers were sent from a wallet linked to Ripple Labs to the digital asset exchanges Bitstamp and Bitso. Each transaction carried over 29 million XRP.
Ripple has moved large sums to exchange recently
Ripple has moved large sums to these exchanges frequently in recent months. Both platforms partner with the San Francisco company on its cross-border payment service, formerly known as On-Demand Liquidity (ODL).
The service, now rebranded as Ripple Payments, leverages XRP to facilitate faster and cheaper international money transfers between ODL partners. It does not require prefunded accounts like traditional remittances.
By rapidly selling XRP received from one ODL exchange to another, Ripple can bridge two fiat currencies and complete settlement in seconds. The large transfers replenish platform inventories to enable these trades.
In total, Ripple has unlocked and moved over 119 million XRP worth nearly $60 million from escrow over the past month. The massive volumes highlight ongoing real-world usage despite the SEC lawsuit.
Critics argue that the firm sells XRP tokens to fund operations amid legal woes. But its level of exchange activity underscores the liquidity needs of Ripple Payments customers.
As adoption grows, the payment firm shows no signs of curtailing its sales and movements of XRP for cross-border payment flows. The company remains confident its use of XRP is not securities trading.
