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In an eye-catching development within the crypto market, a substantial sum of 390.87 million XRP tokens was transferred today to Bithumb, South Korea's second-largest exchange. The transfer, disclosed by Whale Alert, involved approximately $201.1 million worth of XRP moving from wallet address "rDxfh" to Bithumb's address "rrsSU."
Further investigation into the transaction reveals that the sender's address is linked to Bithumb, having been activated over four years ago. Following the transfer, the sender's address was left with a nominal balance of 19.99 XRP, while the recipient address now holds 553.17 million XRP.
This substantial movement of XRP coincides with its rise to become one of the top three tokens traded on Bithumb, capturing 7.44% of the exchange's total turnover of $941 million. This places XRP behind only Bitcoin (BTC) and USDT in terms of trading volume.
Half a dollar of XRP
Notably, this transaction occurs against the backdrop of recent market fluctuations that saw XRP's price bottoming out at $0.4188 before experiencing a notable recovery. With heightened activity from Korean investors and large-scale transfers of XRP taking place, there is keen interest in observing how XRP's price will evolve in the coming days.
As market participants analyze the implications of this significant movement of XRP, attention is drawn to the potential impact on market dynamics and investor sentiment.
Godfrey Benjamin
Tomiwabold Olajide
Arman Shirinyan
