Yesterday we wrote that Ripple is moving huge amounts of XRP. The exact reason for the transactions was still a mystery. Now we know that one of the transactions was not related to Ripple, but rather to the Dutch crypto exchange Bitvavo. It has caused some confusion, but it seems that this is not necessary.
Bitvavo is reorganizing XRP and SHIB wallets
A transaction documented by XRPSCAN shows that an unknown address moved more than 424 million XRP to other wallets on September 2nd. The sender address only exists since September 1st. Additionally, coins were also sent to a known Bitvavo address on Tuesday, although these were only 300,000 XRP.
The rest of the tokens were sent via a number of other addresses to another new address that only existed since last Thursday. This address has no connections to other addresses. All XRP combined is worth almost $115 million at the time of writing. Bitvavo is Move crypto coins in your own wallets.
Furthermore, XRP is not the only coin that the exchange moves in its own wallets. The same goes for Shiba Inu (SHIB), which has already moved more than 9 trillion SHIB, according to TheCryptoBasic and Whale Alert. That was worth almost $36.7 million at the time.
XRP is extremely popular on Bitvavo
It is no surprise that Bitvavo had to make a large XRP transaction sooner or later. In July, XRP suddenly became the most traded coin on Bitvavo. The trading volume was even five times higher than that of Bitcoin (BTC).
The reason seems to have been the good news surrounding the lawsuit between Ripple and the US Securities and Exchange Commission. The judge ruled that secondary sales of XRP are not covered by securities law. Even after volume declined somewhat, XRP remained very popular.