20,000,000 XRP to Top Korean Exchange, Here’s What’s Going On

Popular blockchain tracker Whale Alert, which monitors large cryptocurrency transfers and shares their details on its website and X account, has reported a massive XRP transfer carrying 20 million coins.

This aligned with several consecutive price drops demonstrated by the fourth-biggest cryptocurrency in terms of market capitalization value, XRP.

20,000,000 XRP on the move

The above-mentioned data source detected a large crypto transfer involving 20,000,000 XRP shifted from an anonymous blockchain wallet to Bithumb, the second-largest crypto trading platform in South Korea. The transaction took place less than two hours ago.

The 20 million XRP shoveled in this transfer was valued at worth $50,123,331 at the time of the initiated transaction. While the community started a discussion as to the nature of this transfer, with some assuming that it could be a payment to the SEC as a fine, data published by XRPscan shows that both the sender’s and the recipient’s address belong to Bithumb. This means that the transaction was internal and it was most likely a reshuffling of the platform’s XRP holdings. The sender’s wallet still holds 1,544,938,371 XRP.

Meanwhile, over the past 24 hours, XRP has lost roughly 6.74% as it sharply when down from $2.60 to $2.42 per coin. After that, XRP staged a small rebound of 3.07% and is currently changing hands at $2.50.

Whale locks in $7.5 million profit on long XRP position

According to an analytics account Lookonchain, an anonymous whale has made an impressive profit of almost $8 million on XRP and ETH. He was long on these two top-ten cryptos, and as the market pullback started, he closed his positions on those coins. Thus, he locked in a profit of $7.5 million.

Data shared by Lookonchain says that this trader still holds a long position of $15.4 million on SOL. At the time when the tweet was published, he was down by slightly more than half a million dollars on it.