Millions of XRP Sent to Top Korean Exchange Bithumb at Loss

Wed, 11/29/2023 - 16:10
Cover image via
Read U.TODAY on
Google News

Cryptocurrency tracking bot Whale Alert spreads the word about a significant amount of XRP, which includes millions of coins, which has been transferred to major crypto exchange Bithumb headquartered in Seoul, South Korea.

The transaction was made from an anonymous wallet. However, analytics data from an XRP explorer revealed who the mysterious sender wallet belonged to. The transfer seems to have been made at a time when XRP dropped nearly 2% earlier today, and the coin's price keeps going down against USD.

At the time of this writing, XRP is changing hands at $0.60765 on the Bitstamp exchange after declining into that zone from $0.61646 earlier today. Overall, since hitting a local high of $0.63463 on Sunday, XRP has seen a 4.28% loss by now.

32 million XRP on way to Bithumb

In a recent X post, Whale Alert shared that approximately nine hours ago, an unknown wallet made a deposit of 32,078,901 XRP in total to Bithumb, a leading crypto exchange not only in South Korea but in the entire crypto world as well.

Bithumb is currently the holder of 11th place on CoinMarketCap's scale, with a $873,625,023 trading volume.

Still, data shared by XRP explorer Bithomp disclosed that the $19,557,285 worth of XRP coins was sent to Bithumb from a wallet that belongs to the same crypto platform, making it an internal transaction.

Gigantic Bitcoin Price Rise Expected by Capriole Investments Founder Soon: Details

OKX reveals impressive XRP reserves

As reported earlier, major exchange OKX has revealed its cryptocurrency reserves to the public. According to the report shared by OKX, the exchange backs customers' XRP funds with a massive 104% reserve.

The XRP supply of the exchange contains 219,171,917 XRP, equal to an impressive $134.8 million in fiat.

The report also shared that since October, OKX has increased its XRP reserves by roughly nine million XRP coins; this surpassed the rise in XRP that belongs to its clients — which went up by 7.3 million XRP.

Thus, the trading platform showed that it took a proactive step to back its customers' funds and ensure their safety in case of an emergency. Its XRP reserves exceed those of BTC and ETH, per the figures shared by the report.