Bitcoin ETF

Millions

Bitcoin

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According to a popular cryptocurrency tracking platform Whale Alert, over the last 24 hours, close to 50 million <a href="https://u.today/xrp-up-100-in-fund-inflows-last-year-but-it-is-far-from-maximum" rel="noopener noreferrer nofollow">XRP</a> have been transacted and deposited to two major exchanges. One of them is crypto unicorn Bitso, Mexico-based.
The transactions likely took place when Ripple-affiliated XRP took a 15% nosedive, following the massive Bitcoin crash on Wednesday.
<h2 id="millions-of-xrp-shoveled-to-exchanges">Millions of XRP shoveled to exchanges</h2>
The above-mentioned data source spotted two transactions, which carried 26,200,000 XRP and 21,300,000 XRP to Bitstamp and Bitso cryptocurrency trading platforms. These crypto chunks were evaluated at $15,212,362 and $21,300,000 at the time when the transactions were performed. Both transfers were initiated by anonymous blockchain wallets, and it looks like the whales planned to sell all those <a href="https://u.today/millions-of-xrp-deposited-to-bitstamp-as-price-rises-5" rel="noopener noreferrer nofollow">millions of XRP</a>.
Still, data released by the XRP explorer Bithomp shows that they were made by wallets associated with Ripple Labs fintech behemoth.
<blockquote>
 🚨 26,200,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (15,212,362 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitstamp</a><a href="https://t.co/zH2kS9KeAk" rel="noopener noreferrer nofollow">https://t.co/zH2kS9KeAk</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1742649016016326669?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 3, 2024</a>
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Both Bitstamp and Bitso are exchanges that collaborate with Ripple on its payments service powered by RippleNet and utilizing XRP for performing high-speed and low-cost transnational payments. Therefore, these two exchanges and many others that support “Ripple Payment” need to have large amounts of XRP at hand on a regular basis.
<h2 id="xrp-plunges-15-following-bitcoin-s-crash">XRP plunges 15% following Bitcoin’s crash</h2>
On Dec. 3, cryptocurrency markets faced a wave of liquidations, first amounting to $150 million and later surpassing $170 million worth of closed positions. It happened after crypto analytics company Matrixport issued a report that suggested that the U.S. Securities and Exchange Commission is likely to temporarily reject the approval of spot Bitcoin ETF filings submitted by approximately a dozen Wall Street funds.
Among those big-names are BlackRock, Fidelity and Ark Invest. They have been awaiting the decision since the second quarter of last year. Grayscale is also on that list, it has won a case against the SEC, which forced the regulator to review their filing about converting GBTC into a spot Bitcoin ETF.
Once the report was issued, the flagship cryptocurrency Bitcoin plummeted by approximately 7%, shedding $3,000 and hitting the bottom of the $42,000 zone. Many altcoins followed suit, but the fall of XRP was the biggest of all as it plunged by 15%.
Solana plunged by 10%. Ethereum crashed by almost 8%. Both Bitcoin and Ethereum have shown a slight recovery by now.

Millions of XRP Sent to Exchanges After XRP Price Crashed by 15%

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