Data provided by Whale Alert indicates that significant XRP outflows have occurred from the renowned cryptocurrency exchange, Bittrex.
In a single hour, the mysterious XRP whale withdrew 4,124,254,650 (4.12 billion) XRP from an address on the Bittrex cryptocurrency exchange. It’s noteworthy that the Bittrex user transferred a substantial amount of XRP coins to various external wallet addresses.
An Overview of the Transactions
One of the whales sent 300 million XRP, worth $113.13 million, to an unidentified account forty minutes ago.
The same individual sent 500 million XRP ($188.5M) from Bittrex to another unidentified wallet two minutes later.
Two minutes later, the same individual transferred another 500M XRP to a separate address, continuing the flow of transactions. This time, the transaction cost approximately $188.59M.
The same address transferred another 500,000,000 XRP tokens ($189.39M) from Bittrex to an unidentified wallet a minute later.
The anonymous whale withdrew another 500M XRP coins valued at $187.81M from the Bittrex address.
Additionally, a few minutes later, the user sent 500 million XRP, worth around $188.35 million, to another unidentified address.
As a final step, the user moved $324,254,650 worth of XRP to an anonymous wallet for a total of $123.2 million.
According to Bithomp data, the Bittrex address where withdrawals were made holds only 19.99 XRP coins.
Holders’ Reaction to the Massive Transfers and Potential Cause
Interestingly, the transactions have caught the attention of XRP holders, who were astounded by the massive transfer of crypto assets.
It is important to note that one of the causes of the significant XRP movement may be connected to the FTX collapse. Remember how the top cryptocurrency exchange allegedly handled consumer funds improperly and experienced a catastrophic collapse? Over a million consumers were left stranded and unable to access their funds when the exchange filed for Chapter 11 bankruptcy protection.
Crypto users no longer store their funds on exchanges due to the FTX fiasco to protect themselves from potential exchange disasters. In the continuing legal battle between Ripple and the SEC, the Bittrex user could predict a victory for Ripple. According to several crypto-legal specialists, including lawyer John Deaton, Ripple is thought to have a greater chance of defeating the SEC in the litigation.
A win for Ripple would result in major U.S. exchanges re-listing XRP, which would significantly increase its price. However, should the blockchain company lose the lawsuit, the XRP price is expected to suffer a massive dip.