XRP whales are continuously moving their funds away from exchanges amid accelerated crypto market rally

Following the recovery in the crypto market, XRP whales continue to participate in global remittances, moving coins away from centralized exchanges like Bithumb and FTX.

XRP whales are moving $24 million worth of tokens from exchanges amid a 6% rally

According to Whale Alert, two transactions have appeared on the XRP blockchain: the latest one was made from the FTX exchange to an unknown wallet worth $14 million in XRP. The first transaction appeared an hour before the FTX withdrawal and was worth $10 million.

Source: Whale Alert

Accordingly, a Bithumb wallet transaction is being performed with another wallet labeled with the name of the exchange. It’s most likely tied to the fact that Bithumb uses multiple hot wallets for withdrawals instead of one big address. On the other hand, the FTX transaction is being done with an entirely different HitBTC exchange wallet. The exchange’s wallet holds 26 million XRP and is most likely used as another hot wallet for placing orders.

Meanwhile, a few minutes ago, whales continued to withdraw XRP from the HitBTC exchange.

Source: Whale Alert

These trades have all taken place during the short-term rally present on XRP trading pairs. Currently, Ripple is trading in a short uptrend and maintaining a growth rate of 6% since last week.

XRP was one of the victims of a global crypto market correction that led to the pullback of all major cryptocurrencies, including Bitcoin and larger altcoins. After recovering most of the traditional markets, the crypto market followed with an average recovery of 10%.

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Read more:

• An Anonymous Wallet Moved 40 Million XRP To A Wallet Owned By Binance
• XRP Price Has Seen Its Price Drop Below The Key Level Of $1, But The Bulls Are Now Starting To Recover

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