Whale Alert, a popular cryptocurrency tracking service, has discovered numerous massive XRP transfers totaling 609.5 billion tokens. This is happening as the sixth largest cryptocurrency has fallen 14.30 percent in the last week.
Ripple has transferred 70,000,000 XRP to one of its spare wallets—RL18-VN—suggesting that the fintech behemoth intends to move the funds outside the corporation, as it has always been used to transmit XRP to clients or crypto exchanges.
An unknown wallet also moved the 150,000,000 XRP chunk to Ripple. This was an internal move by the San Francisco-based startup helmed by Brad Garlinghouse, according to data released by XRP-focused data service Bithomp.
Ripple also moved 40,000,000 XRP to the Bitso exchange in Mexico as part of this transaction. It is Latin America’s largest trading platform and a crypto unicorn. Furthermore, it has been one of Ripple’s ODL corridors since 2019.
Internally, Bitso has shifted 38,900,000 XRP.
Read more: XRP, seventh largest crypto, suffers a blow due to dispute against Ripple
