In recent tweets, prominent crypto tracking bot Whale Alert, which follows large crypto transactions and then shares details with the community on Twitter (now rebranded as X), the bot showed two consecutive transfers of XRP made from anonymous wallets to crypto exchanges.
The transfers carried 28,500,000 XRP and 27,000,000 XRP, respectively, to the Bitso and Bitstamp crypto exchanges. In the meantime, XRP has demonstrated a weekly price surge by over 6%, according to CoinMarketCap.
Ripple wires 55.5 million XRP worth $30.5 million
Details of these transactions shared by Bithomp show that they were made by the same anonymous wallet linked to Ripple Labs, the fintech giant based in the city of San Francisco, U.S. It seems that the goal of sending a total of 55.5 million XRP to the aforementioned exchanges is not selling but rather supporting these platforms which collaborate with Ripple giant on its “Ripple Payments” project, which utilizes XRP on RippleNet. The aforementioned crypto transfers are worth $15,704,941 and $14,879,092.
“Ripple Payments,” until recently, was widely known to the crypto community as On-Demand Liquidity (ODL), but then Ripple decided to give it a new title with a total rebranding to make it more understandable to outsiders. By using its own servce for fast and low-cost cross-border payments, Ripple tries to improve the system of prefunded accounts used by conventional banks for transfers that can take days and also raise other challenges to participants.
Ripple partners with Uphold to improve its payments product
Earlier this week, Ripple crypto decacorn announced a new partnership it had made with the global Web3 crypto trading platform Uphold. Through this partnership, Ripple will be able to improve its capabilities regarding crypto liquidity and improve the infrastructure of the aforementioned “Ripple Payments” service. It allows customers to make payments all year around 24/7 in real time.
Head of Payments Product at Ripple, Pegah Soltani commented on the new partnership, saying that it will allow the company to increase the scale of Ripple Payments by enhancing the infrastructure that supports this product thanks to the deep liquidity expertise of Uphold.
Uphold’s trading structure allows customers to move value between fiat and crypto seamlessly, and also do it across various networks. At the end of the day, this is good both for customer service and fast payments delivery.
Ripple decacorn currently works with several hundred corporate clients in more than 55 countries. Its payout capabililies expand to over 70 markets. Since the launch of its payments platform, the company has processed more than $30 billion worth of transfers, with a record 20 million transactions made.