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Almost $30 Million Worth of XRP Left in FTX , Here's How Dangerous It Is

Fri, 01/20/2023 - 14:34
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Gamza Khanzadaev
XRP worth tens of millions of dollars is still located at FTX
Almost $30 Million Worth of XRP Left in FTX , Here's How Dangerous It Is
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According to crypto analytics portal Kaiko, the combined accounts of FTX, FTX US and its affiliate trading firm, Alameda Research, still hold $3.3 billion in various crypto assets. Among them is XRP, of which the collapsed crypto empire has as many as $29 million worth of tokens.

Despite the fact that anything FTX-related has been considered toxic for the past two months, XRP holders need not worry about this locked-in volume. According to Kaiko, even if these accounts are liquidated, meaning assets are dumped onto the market, the XRP price will not feel any pressure. This is due to XRP's liquidity, which is reportedly the fourth best on the entire crypto market.

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Market shallows

If XRP's market depth provides the token with a sort of safety cushion, the same cannot be said for SOL, APT, TON and FTT. According to Kaiko, these crypto assets are likely to suffer the most in the event of a possible liquidation of the accounts of the trio.

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While the combined value of SOL and FTT amounting to more than $1.2 billion gave rise to such thoughts, with Toncoin (TON) and Aptos (APT), things are a little more sophisticated. Thus, if the data is to be believed, with the combined value of APT and TON positions at $98 million, the volume of bids for both on centralized exchanges does not exceed $4.5 million.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.