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- XRPL monitor on September 24 tweeted about Ripple (XRP) making huge transactions amounting to millions
- XRPL Monitor revealed that the transactions were done between ‘Ripple’ and ‘RL18-VN’. RL18-VN
XRPL monitor on September 24 tweeted about Ripple (XRP) making huge transactions amounting to millions. As per the tweets, in the time of the last twenty hours, Ripple, a blockchain decacorn has made transactions of 90.8 million XRP tokens. These tokens amount to a total of $20,469,584.
Story Behind Huge Transactions
XRPL Monitor, popular for tracking ripple transactions revealed that the transactions were done between ‘Ripple’ and ‘RL18-VN’. RL18-VN is believed to be an alternative escrow account for the ripple by masses. Out of a total of ten million XRP tokens were transferred to Ripple’s ODL corridor Bitstamp exchange, Luxembourg. Amidst these transactions, ripple was not just on the sending end but also the receiving end. Another tweet by XRPL shares that Binance had sent 13.1 million XRP tokens in Ripple’s account. These tokens are worth $2,949,975 in fiat. As per the conversations and opinions from social media, Binance often sends back redundant XRP to Ripple.
It is noteworthy that the transactions between Binance and Ripple are a two-way road and Ripple also transfers large stacks of XRP to Binance. It is believed that the reason behind them is either to maintain XRP’s liquidity or the heavy sales of XRP in Binance Exchange.
Ripple’s ODL Payment Corridors
In July, Ripple’s Senior Vice President of Customer Success, Marcus Treacher had announced that the company is expanding their On-Demand-Liquidity (ODL) services in Asia Pacific, Africa and the Middle East. A portion of the above-mentioned transactions was transferred to the same ODL locations. Ripple’s ODL services is simply a makeover of previous xRapid which is a cross-border payment system and acts as a bridge between two fiat currencies. Treacher mentioned in the announcement that the reason behind expansion amidst pandemic is to provide financial support to companies and individuals who are bearing high payment rates in times of such crisis.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
