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Mysterious Multi-Million XRP Transfer Heads for Top Korean Exchange

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Thu, 4/04/2024 - 13:47
Mysterious Multi-Million XRP Transfer Heads for Top Korean Exchange
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Data shared by prominent cryptocurrency tracker Whale Alert has revealed that anonymous whales have moved three massive XRP lumps to major trading platforms in various parts of the world, including South Korea. Such a rise in XRP whale activity has become routine lately.

These mysterious XRP transfers took place over the past 24 hours, when the XRP price first plunged by over 5% and then began its attempts to recover.

70 million XRP on move

According to the above-mentioned data source, anonymous whales have transferred three enormous XRP lumps, moving them to the major cryptocurrency trading platforms. A total of 24,920,366 XRP went to major South Korean exchange Bithumb. A total of 20,000,000 XRP was shoveled to the Mexico-based crypto trading unicorn Bitso, and 25,600,000 XRP were sent to major exchange with offices in the EU and U.S. Bitstamp.

Overall, anonymous whales have transferred 70 million XRP evaluated at $40.4 million in fiat. Besides, on April 1, a massive 100 million XRP transfer was also noticed as this gigantic XRP stash was wired from one anonymous blockchain address to another.

Recent XRP price action

Over the last four days, since April 1, the seventh largest cryptocurrency in terms of market capitalization size, XRP, has been in a free fall, plunging by almost 10% until today. Reversing upward, XRP made an attempt to recover, adding 2.27% so far today.

At the time of this writing, the Ripple-affiliated cryptocurrency is changing hands at the $0.5751 level.

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Ripple locks up 800 million XRP

On April 1, Whale Alert reported that crypto decacorn Ripple Labs unlocked 500 million XRP coins from escrow. These withdrawals are programmatic and have been performed since early 2018 in an attempt to support the XRP liquidity on the cryptocurrency market and also for distributing XRP to Ripple’s institutional customers.

Usually, though, Ripple unlocks as much as one billion XRP, and only this time, the unleashed amount totaled half of the regular one. Still, on the same day, Ripple moved two transfers of 400 million XRP each, thus locking 800 million XRP back until the next month arrives. Each of those two XRP lumps was worth $247.7 million, reaching half a billion U.S. dollars put together.

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