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In a stunning display of cryptocurrency prowess, anonymous power players known as “whales” have made huge strides in the XRP market.
According to data from Whale Alert, these whales have transferred a staggering 260 million XRP in a matter of days. The biggest transfer was reportedly made by exchange Bithumb, whose owner is currently facing legal trouble.
As reported by TronWeekly, the owner of Bithumb, South Korea’s second-largest cryptocurrency exchange, has been accused of manipulating the share price of affiliated companies, and an arrest warrant has been issued by prosecutors in Seoul.
The investigation is examining claims of financial misconduct by Bithumb’s leaders, focusing on Chairman and owner Kang Jong-hyun, who is believed to have manipulated share prices through the issuance of convertible bonds.
This sudden spike in XRP movement has many in the crypto community speculating about the motives behind this transaction. Some believe that the whales may be trying to manipulate the market, while others see it as a sign of increasing interest and investing in cryptocurrencies.
Regardless of the reasons behind the transfer, it is clear that the cryptocurrency market is still very new and subject to significant fluctuations.
Whale Alert: Latest XRP Transfers
According to latest data, 160,000,000 XRP transferred is worth $65 million, which is a huge amount of money. This type of cryptocurrency movement has always attracted attention and made people question the purpose of the transaction.
Apart from that, a large amount of XRP is also transferred between some of the leading cryptocurrency exchanges. According to blockchain records, 39,500,000 tokens, worth a staggering $16 million, were transferred from Bitso to an unknown wallet.
In a seemingly coordinated move, 30,000,000 XRP, worth $12 million, was then transferred from the same anonymous wallet back to Bitso. And in another surprising twist, 33,000,000 XRP, worth $13 million, was transferred from the same anonymous wallet to Bitstamp.
It remains to be seen how this latest development will impact the XRP market and the crypto industry as a whole, but one thing is for sure, the crypto space is always full of surprises, and anonymous whales are always making big moves, leaving the rest of us to speculate about their intentions.
Related Reading | Institutions Drive 85% Of Bitcoin Purchases, Signaling A New Bullish Market – Matrixport Report
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