Cryptocurrency tracking platform Whale Alert has flagged two substantial XRP transactions, totalling over $350 million in value. These moves have seen the fourth-largest cryptocurrency surge after experiencing a 4.46% decline over the last day. 🕵️♂️ 💰
The largest transfer, worth approximately $120 million, was executed by Ripple in a move that remains anonymous. The second, significantly larger transaction of $232 million, appears to have been handled by Crypto.com’s exchange.
While the sender and receiver wallets remain unidentified in both instances, XRPscan offers further insight into this activity.
Ripple, the blockchain company behind XRP, has a history of moving large volumes of its digital currency to centralized exchanges or Over-the-Counter (OTC) platforms for market liquidity management. Additionally, Ripple continues to burn RLUSD stablecoins as part of its cost-management strategy. 📉
In recent days, Ripple burned 3 million RLUSD coins and 999,999 RLUSD coins on the Ethereum blockchain.
The XRP Market has witnessed a surge in activity following these transactions.