In a stunning display of crypto-currency prowess, anonymous power players known as “whales” have made massive moves 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 largest transfer was reportedly made by the Bithumb exchange, whose owner is currently facing legal troubles.
As reported by TronWeekly, The owner of Bithumb, South Korea’s second-largest cryptocurrency exchange, has been accused of manipulating the stock prices of affiliated companies, and an arrest warrant has been issued by prosecutors in Seoul.
The inquiry is examining claims of financial misconduct by leaders of Bithumb, with a focus on Chairman and owner Kang Jong-hyun, who is believed to have manipulated stock prices through convertible bond issuance.
This sudden surge in the XRP movement has many in the crypto community speculating about the motives behind these transactions. Some believe that the whales may be attempting to manipulate the market, while others see it as a sign of growing interest and invested in the cryptocurrency.
Regardless of the reasons behind the transfers, it is clear that the cryptocurrency market is still very much in its infancy and subject to significant fluctuations.
Whale Alert: Latest XRP Transfer
According to the latest data, the 160,000,000 XRP transferred was worth $65 million, which is a substantial amount of money. These type of movements of cryptocurrency always attract attention and makes people question the purpose of these transactions.
Additionally, a massive amount of XRP was also transferred between several prominent 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 that same unknown wallet back to Bitso. And in yet another surprising twist, 33,000,000 XRP, valued at $13 million, was transferred from that same unknown wallet to Bitstamp.
It remains to be seen how these recent developments will impact the XRP market and the crypto industry as a whole, but one thing is for certain, the crypto space is always full of surprises, and the anonymous whales are always making big moves, leaving the rest of us to speculate on their intentions.
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