Almost 200 million XRP tokens have been transferred by large crypto exchanges in Asia and the US

For whatever reason, over the past 17 hours, more than 195 million XRP tokens have been transferred continuously in the cryptocurrency market. Mainly this XRP is sent to the cryptocurrency exchange Poloniex.

Major crypto traders move over 195 million XRP tokens by three major exchanges

Based on the information retrieved from Whale Alert, the top three crypto exchanges have transferred over 195 million XRP – equivalent to $131,742,145.

Most recently, the largest XRP storage was transferred to Binance by the Bybit platform – 109,678,062 XRP, or $74,586,574.

The other three XRP transactions were conducted by US-based exchange Poloniex – transferring over 28,500,000 XRP. Overall, Poloniex transferred $57,810,033 worth of XRP (85,500,000 tokens).

almost-200-million-xrp-have-been-transferred-by-large-crypto-exchanges-in-asia-and-the-us

Source: Whale Alert/Twitter

It is not excluded that XRP holders are transferring tokens to the exchange for sale. And if this 200 million XRP is sold, there is a high chance that the price of XRP will drop significantly. At press time, XRP price is trading at $0.67, recording a 7% gain over the past seven days.

This is where the coin has managed to recover after the drop to the $0,5223 level on June 22. On June 29, the coin reached out to the $0.7 price mark but then went down.

The major price drop that XRP has suffered since the beginning of 2021 is due to a lawsuit filed by the US securities and exchange authorities against Ripple Labs and two of its leaders – Christopher Larsen (co-founder and former CEO) and Brandley Garlinghouse, current chief executive officer.

A few days ago, Ripple unleashed another billion XRP tokens from escrow. These massive XRP amounts have been programmed to take place on the first day of each month for a few years in a row releases already. The blockchain giant continues to do that even while it is fighting a legal battle against the US security regulatory agency – the SEC.

This is a tradition it has been following since 2018 to support the coin’s liquidity and cover the company’s operational expenses.

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