While Ripple and other XRP whales continue to transfer millions of tokens, 100 Million XRP was transferred to Binance and Bitstamp just before Ripple's June escrow unlock.
Millions of Dollars Value of XRP Transferred to Exchanges
Two XRP whale addresses moved nearly 100 million XRP ($51 million) to Bitstamp and Binance just before Ripple unlocked 1 billion tokens for the month of June. A study on the chain shows that one of the whale addresses is associated with Ripple.
Whale Alert, a leading whale watching platform, showed both actions in two separate tweets. The first transaction took place at 11:33 on May 31, and 23.5 million XRP ($ 12.24 million) was transferred to Bitstamp from an unknown address.
On-chain data shows that this unknown address was activated by Ripple and points to a link with the tech company.
The purpose of the transaction is unknown at press time, but experts think it may involve funding for ODL purposes or Ripple's internal operations.
It should be noted that Ripple deepened its ties with Bitstamp after purchasing Bitstamp shares previously held by Pantera Capital, a US-based investment firm.
Pantera's shares were purchased for $10 million in 2013, but were sold to Ripple in the first quarter of 2023.
Just two hours after the Ripple move, an unknown wallet transferred 75.9 million XRP worth $38.83 million to Binance.
The latter trading is not unusual, as Binance has carried millions of XRP in large whale transactions in the past. In early March, it was revealed that the exchange transferred 34 million XRP when Ripple moved 100 million tokens to an unknown wallet.
*Not investment advice.