The cryptocurrency watchdog Whale Alert reported that enormous quantities of XRP have been exchanged in the last day.
Ripple Helps Move Almost Billion XRP As Price Begins to Recover
About a dozen tweets from Whale Alert revealed that Ripple and whales were moving astonishing amounts of XRP, starting at 30-40 million and ending at 307 million. A whale transferred 173,549,000 from Binance’s wallet to Bittrex.
A transfer of 306,938,016 XRP took place from one unidentified wallet to another. 100,000,000 XRP were delivered by Ripple to its reserve wallet RL18-VN so that it might later be transferred to an external wallet owned by Ripple.
This address is typically used to transfer XRP outside of the company, such as to exchanges and cryptocurrency custodians like BitGo, or to Ripple’s clients, such as global financial institutions or ODL corridors. At the current market rate, the total value of the transferred XRP tokens equals $300,193,759.
XRP started to rise earlier this week, experiencing losses of roughly 35 and 6.88 percent. Currently, the price has increased by only about 2 percent, and on the Bitstamp exchange, XRP is trading for $0.37. The recent price declines resulted from the crypto market as a whole experiencing a setback as the FTX exchange, and its Alameda Research trading firm began experiencing severe liquidity issues.
Sam Bankman-Fried, the founder of FTX, revealed on Friday that he had filed for FTX and Alameda bankruptcy. Today, the exchange was hacked, and staggering amounts of cryptocurrency, including XRP, were removed.
Read more:
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- Here’s How Evacuation Of $5.24 Million In XRP Failed