Ripple Labs transfers nearly $16 million XRP to Bitstamp amid market correction By Investing.com

Ripple Labs, the company behind the XRP cryptocurrency, transferred a substantial amount of XRP to Bitstamp, a cryptocurrency exchange. The transaction took place on November 7 and involved a total of $15,986,066 worth of XRP, according to data from Whale Alert and Bithomp’s XRP explorer.

On the same day as this significant transfer, Ripple Labs announced a major expansion of Ripple Payments (formerly ODL), extending its reach into more than 70 markets worldwide. The company also revealed a new partnership with Onafriq, a digital platform aimed at facilitating swift and low-cost international transfers. This collaboration will enhance cross-border transactions between Africa, the Gulf Cooperation Council (GCC), the UK, and Australia.

However, despite these developments, XRP experienced a market correction on November 8. After reaching a high of $0.72, the digital currency’s value dropped by 5.88%, trading at $0.62269. This price adjustment mirrors fluctuations often seen in the volatile cryptocurrency market.

The transfer to Bitstamp and the expansion of Ripple Payments indicate Ripple Labs’ ongoing efforts to increase the utility and adoption of XRP in global financial transactions. The partnership with Onafriq is expected to further this goal by improving international money transfers in several key regions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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