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XRP Skyrockets 50%, While 315 Million Coins Get Moved by Exchanges

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Tue, 02/08/2022 - 15:04
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Yuri Molchan
Major exchanges move more than 315 million XRP as the coin's price soars 50%
XRP Skyrockets 50%, While 315 Million Coins Get Moved by Exchanges
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Major crypto tracking service Whale Alert, which publishes data on large transactions in certain cryptocurrencies—which also include XRP—has reported that in the past 20 hours, an eye-popping 315 million XRP tokens have been shifted by top-tier digital exchanges.

This happened as the eighth largest cryptocurrency demonstrated a surge close to 50% in the past few days.

XRP price spikes to $0.9097

Several crypto exchanges located in various parts of the world pulled off big XRP transfers as the price of the Ripple-affiliated crypto took the market by surprise and skyrocketed by around 50% in just about a week.

As reported by U.Today, XRP demonstrated a surge by over 15% on Feb. 2, then soared about the same on Feb. 5, and today it added more than 20%. Earlier today, XRP reached a monthly high of $0.9 last seen by traders on Jan. 2.

Watching this, on-chain data company Santiment noted that the activity of XRP addresses has surged to levels last seen in late December. The rise of XRP address activity, according to the tweet, began in January.

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315 million XRP shoveled as price goes up

Whale Alert has spotted half a dozen massive transactions conducted by top-tier crypto trading venues. Those included such crypto trading behemoths as Binance, Bittrex and Bithumb.

Binance transferred 17,960,902 XRP worth $15,435,581. Bithumb made two transfers, shoveling 40 million XRP (the equivalent of over $36 million). These exchanges moved the funds between their own wallets.

U.S.-based Bittrex, however, sent 65 million XRP in two goes to the Upbit exchange, located in South Korea, similarly to Bithumb.

The largest single transaction here carried a whopping 142,103,000 XRP worth $119,979,720. The total fiat equivalent of all of the XRP transacted amounts to $265,141,870. At press time, the digital asset operated by Ripple enjoys trading at $0.843 with a market capitalization value of $40,250,901,203, according to data provided by the CoinMarketCap platform.

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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.