Billions of the XRP Ledger native token have been offloaded from the United States-based crypto exchange today by unknown users, as the FTX contagion continues to spread.
Data from the popular crypto tracking platform, Whale Alert showed that exactly 4,124,254,650 XRP coins were sent out of Bittrex to different cold wallets by anonymous whales on Wednesday. Noteworthy is that the huge XRP withdrawal from the popular centralized exchange was executed in nine transactions.
In seven of the transactions, 500 million XRP coins were transferred from Bittrex per transaction to various non-exchange wallets in the same hour. This entails an overall withdrawal of 3,500,000,000 XRP, which is worth $1.34 billion at the current XRP exchange rate of $0.3819.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,564,019 USD) transferred from #Bittrex to unknown wallethttps://t.co/MofKvaCFsV
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,567,188 USD) transferred from #Bittrex to unknown wallethttps://t.co/9R460yZNLT
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,355,483 USD) transferred from #Bittrex to unknown wallethttps://t.co/IkmoFxoP3Y
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (189,399,178 USD) transferred from #Bittrex to unknown wallethttps://t.co/66uifdfhXQ
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (189,399,178 USD) transferred from #Bittrex to unknown wallethttps://t.co/66uifdfhXQ
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,596,769 USD) transferred from #Bittrex to unknown wallethttps://t.co/XCIABYlU5q
— Whale Alert (@whale_alert) December 7, 2022
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,507,036 USD) transferred from #Bittrex to unknown wallethttps://t.co/JpiN4eQ6mh
— Whale Alert (@whale_alert) December 7, 2022
Whale Alert also reported that 300 million units of XRP worth about $113 million at the time of execution, were transferred out of Bittrex to an unknown whale wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 324,254,650 #XRP (123,200,282 USD) transferred from #Bittrex to unknown wallethttps://t.co/csKuJjUHln
— Whale Alert (@whale_alert) December 7, 2022
In another disclosure, a certain whale wallet on the Bittrex exchange unloaded a total of 324,254,650 XRP coins worth approximately $123 million at the time of execution, to cold storage.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (113,132,535 USD) transferred from #Bittrex to unknown wallethttps://t.co/kvwjIeW08A
— Whale Alert (@whale_alert) December 7, 2022
Read Also: Macro Guru Raoul Pal: I Have Said This A Gazillion Times, XRP Has A Real Use Case
XRP in the Market
While most of the recorded voluminous XRP transfers are often related to Ripple’s On-Demand Liquidity (ODL) service, it is speculated that this recent 4 billion+ XRP withdrawal from Bittrex could be an after-effect of the FTX collapse. As more and more centralized crypto exchanges continue to fold up or face liquidity crunches, users seem to prefer holding their assets in cold storage where they are in full custody of their private keys.
It bears mentioning that the controversy surrounding XRP continues as the Ripple-SEC is yet to conclude. To this end, the token is yet to record any significant price action.
Read Also: FTX Japan Reveals Large Amount of XRP Held in its Cold Wallet
Recently, Coinbase announced that its wallet would cease support for XRP starting from January 23 while Microstrategy’s Michael Saylor concurred with the SEC’s claim that XRP is an unregistered security.
Regardless, Ripple CEO Brad Garlinghouse and the entire XRP community remain confident that the Ripple-SEC case would end in favor of XRP. The XRP Ledger native token is expected to rally if the SEC loses the court battle with Ripple.
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