Ripple Transfers Millions of XRP To Bitstamp Amid Price Jump

Ripple Transfers Millions of XRP To Bitstamp Amid Price Jump

A significant quantity of XRP has been transferred by Ripple, a blockchain-based payment company, to Bitstamp, a platform that has previously worked with Ripple on its payment solution. The price of XRP has increased significantly over the last week, rising by 7%, and this move has corresponded with that increase.

 Observation shows that the Bitcoin community is keeping a careful eye on this action and any possible repercussions. It was gathered that the 25,300,000 XRP, valued at $17,200,366 (at the time of the transfer,) made its way to Bitstamp. The balance of 4,700,000 XRP was transferred to Ripple’s wallets. The XRP that was sent to Bitstamp has a total estimated value of $14,685,518.

Information has that Bitstamp exchange has worked with Ripple in the past, especially when it came to Ripple’s payment solution. Previously known as On-Demand Liquidity (ODL), this payment service used XRP as a bridge currency to facilitate overseas transactions more quickly and affordably. It was uncovered that one of the anonymous wallets that received the transferred XRP coins belongs to Ripple Labs.

Analysts Perturbed About Circumstances Surrounding Transfer

Concerns have been raised over Ripple’s payment solution and its continued attempts to improve cross-border transactions following the transfer of XRP to Bitstamp. Although the precise objective of this transfer is yet unknown, opinion polls say it might have to do with providing liquidity for Ripple’s payment network.

In other news, the price of different digital assets has fluctuated in the cryptocurrency market due to a variety of variables, such as legislative changes, market sentiment, and technological breakthroughs. The price spike and the recent move of XRP to Bitstamp have caused speculation within the cryptocurrency community.

Some speculate that this action may be part of Ripple’s larger plan to ease regulatory worries, improve the use and uptake of XRP, and address other issues. A recent development, as published by Whale Alert, shows that there have been daily and weekly transfers by some wallets linked to Ripple, which has been traced to Bitso and Bitstamp exchanges. It is said that both companies are partnering with Ripples to create a payment solution in the future.

Ripple Price Position Attracts Attention, More Future Scenarios Explained

Central to Ripple’s purpose has been its dedication to using XRP as a bridge currency and its focus on enhancing cross-border payments. According to an article by Yuri Molchan on the U.Today platform, the transfer of XRP to Bitstamp may be interpreted as a calculated step to bolster liquidity for Bitstamp’s payments solution, guaranteeing the smooth and economical operation of the latter.

Further investigation revealed that Bitstamp is the European payment bridge for Ripple Payments – and Bitso leverages the technology in and around its Latin American market. Meanwhile, Bitstamp revealed in one of its published sources that Ripple had directly transferred 70,000,000 coins of XRP in the past week. 

In the last 24 hours, XRP coin had a marginal price increase of 6%, to hit $0.58186 from $0.55009. Recent analysis from TradingView shows that the price rise was later truncated by a slight decrease of 1.73%, pushing the recent price of XRP to $0.57227. Meanwhile, XRP was ranked the 5th largest cryptocurrency in the world by CoinMarketCap last week Friday and increased by 5.73% in price in the last 24 hours.

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Chad Butler
About Author

Chad Butler

Chad Butler, a renowned name in crypto journalism, excels in translating complex blockchain topics into lucid prose. His astute analyses and timely updates make him a trusted voice in the cryptocurrency landscape. Through his articles, Chad consistently offers readers an informed and insightful perspective on the evolving digital market

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