Crypto Traders Track Huge Transfer of 119,999,900 XRP – Is This Ripple Partner Behind the Curtain?

Crypto traders are tracking a massive 119,999,900 XRP transfer from one unknown wallet to another.

Whale Alert, an automated blockchain data tracker that identifies large cryptocurrency transactions, first reported the move.

Although the owners of the two wallets in question are unknown, XRP explorer Bithomp reports that Bitstamp, a Luxembourg-based power plant, is both the Sending and receive bills.

The fact that the wallets were activated by Bitstamp does not necessarily mean that the exchange owns the XRP. For example, the company could have created the wallets for customers who bought or transferred XRP.

However, Bitstamp has partnered with Ripple to power San Francisco’s XRP-based cross-border payment product, On-Demand Liquidity (ODL)

And the exchange has also been on the receiving end of many large XRP trades in recent months. In January Bitstamp receive 24,999,995 XRP from an unidentified wallet, and in March, Whale Alert reported that the company received an identical amount from a separate unknown wallet.

At the end of 2019, a wallet came from Ripple sent the crypto exchange 220,303,137 XRP worth $ 49.28 million at the time.

In a move that could help Ripple and ODL reach remittance corridors in the UK, Bitstamp also recently announced that it adds the pound sterling to its crypto trading pairs. The exchange says it will not charge transaction fees for numerous GBP pairs – USD, EUR, BTC, ETH, XRP, LTC and BCH until September.

Featured Image: Shutterstock / Metallic Citizen

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