⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Millions of XRP Sent to Top Korean Exchange Bithumb at Loss

Published 2023-11-29, 12:14 p/m
Millions of XRP Sent to Top Korean Exchange Bithumb at Loss
XRP/USD
-

U.Today - Cryptocurrency tracking bot Whale Alert spreads the word about a , 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.

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 , 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.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.