Monstrous amount of XRP has been moved from FTX exchange founded by billionaire Bankman-Fried
The Whale Alert blockchain platform that tracks large cryptocurrency transfers has carried out approximately 253 million XRP transactions in five tranches.
The largest one, which carried 80 million XRP, was sent from major exchange FTX spearheaded by Sam Bankman-Fried, who has been expanding his influence in the crypto space lately.
80 Million XRP Sent From FTX, Here’s Where It Goes
Whale Alert found that a large amount of XRP was moved from an FTX exchange wallet and to an address tagged as “anonymous” by the tracking service mentioned above.
However, a peek into data provided by XRP-focused Bithomp analytics platform shows that the money was transferred to the Binance exchange. This amount of XRP tokens at the moment is evaluated at roughly $35,564,493.
172.3 Million XRP Moving
According to Whale Alert, for the balance of XRP transferred, the total (80 million from FTX) totals 172.3 million XRP.
This crypto was transferred by users of several crypto platforms – Bitstamp, Bittrex and the custodial service BitGo.
Interest in XRP has risen recently, but is now losing gains
The price of XRP has been rising recently on hopes that Ripple Labs’ victory in court against the SEC is not far off. Ripple and its rivals have filed motions for summary judgment.
Based on this, the XRP community began betting on their favorite company’s win after two long years of legal battles. On these expectations, the price of XRP has reached a local high of over $0.5 recently.
Influencer David Gokhshtein, a former US Congressional candidate, believes that if the company wins the case not only will the price of Ripple and XRP skyrocket, but the entire crypto space will benefit from it.
However, chief of Ripple Brad Garlinghouse stated that the SEC is not interested in applying the law after the two parties had filed motions for summary judgement.
Nevertheless, over the past 12 days, the price of XRP is down by 50%, eliminating almost all of its recent gains. Twenty percent of it has been lost over the past 48 hours, and XRP has fallen below its 200-day moving average as the ruling is still not in favor of Ripple.
