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120 Million XRP Shifted by Major Exchanges as Price Drops 9% Over Weekend

Mon, 02/28/2022 - 10:54
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Yuri Molchan
Over the weekend, top-tier crypto trading platforms have transferred a large amount of XRP, while the coin showed an almost 10% drop within the same time frame
120 Million XRP Shifted by Major Exchanges as Price Drops 9% Over Weekend
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According to data published recently, over the weekend, several of the largest global exchanges based in various parts of the world have transferred over 120 million XRP.

Meanwhile, over the same time period, the Ripple-affiliated cryptocurrency has lost around 9% of its value on the market.

Binance, Bittrex, Bithump shovel 120.1 million XRP

The team of popular crypto tracker Whale Alert, which publishes details of large crypto transactions, has tweeted that over the weekend, 120.1 million XRP tokens have been wired by three major crypto exchanges, including the biggest one by trading volume, Binance.

The crypto tracking service has detected three large transactions. The biggest one carried 90,000,000 XRP, which comprises $64,214,350. These funds were moved by the leading South Korean platform, Bithumb.

Binance has shifted 15,172,582 XRP (worth $11,270,424) among its wallets, according to XRP-focused analytics website Bithomp. The last transfer – which also moved 15,000,000 XRP – was made by Bittrex exchange based in the U.S. to another South Korean platform, Upbit.

Per the current XRP/USD exchange rate, the USD equivalent of the transferred XRP sum comprises $86,759,432.

As covered by U.Today on Friday, Ripple fintech behemoth participated in shifting a staggering 360 million XRP tokens. The majority of that amount – 306 million XRP – was moved between anonymous digital wallets.

Ripple wired 50 million XRP to its reserve wallet, RL18-VN, and 20 million XRP were sent by Bittrex to Coins.ph in the Philippines. The latter collaborates with Ripple as one of its ODL corridors.

Related
XRP Investors Maintain High Optimism as Ripple Lawsuit Expert Discovery Wraps Up

XRP plummets 9.23%

Over the past week, since Feb. 21, the sixth largest cryptocurrency, XRP, has lost over 10% of its value.

However, from Feb. 21 to Feb. 24, XRP's losses constitute 20.63%, when the token fell to $0.6325. Since then, XRP managed to recover it losses, rising by 25% between Feb. 24 and Feb. 26. Since then, however, the decline has again been roughly 10%.

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Image via TradingView

At press time, the XRP price is sitting at $0.72438 on the Bitstamp exchange. The platform has resumed XRP trading after suspending it in January 2021 when the SEC initiated a lawsuit against Ripple in late December 2020.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.