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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 $XRP were sent to major exchange with offices in the EU and U.S. Bitstamp.
🚨 24,920,366 #$XRP (14,254,214 USD) transferred from unknown wallet to #Bithumbhttps://t.co/dylncPBPeY
— Whale Alert (@whale_alert) April 4, 2024
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.
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 $XRP to Ripple’s institutional customers.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 400,000,000 #$XRP (243,706,103 USD) locked in escrow at #Ripplehttps://t.co/42dCksuZky
— Whale Alert (@whale_alert) April 1, 2024
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.