A substantial amount of XRP has been moved to Bithumb, a prominent cryptocurrency exchange in Korea, sparking speculation about the potential for another Ripple crash. Today, the market experienced an abrupt downturn, leading to the liquidation of leveraged positions worth billions.
This decline followed Bitcoin’s plunge toward $25,000, which had a domino effect on numerous other cryptocurrencies. Ripple’s XRP, in particular, faced significant losses, plummeting over 15% within the same time frame, and now it stands on the precipice of further challenges.
Over the past 24 hours alone, Ripple’s XRP has suffered a decline of more than 15%, resulting in the liquidation of over $50 million in leveraged positions, according to data sourced from CoinGlass. The situation for this altcoin, however, could potentially worsen.
Whale Alert, a reputable resource for tracking large transactions by influential holders, has highlighted a substantial transfer of 150 million XRP to Bithumb, the largest exchange in Korea.
It’s essential to note that this occurrence doesn’t necessarily indicate an imminent crash. Nevertheless, in many cases, investors transfer their cryptocurrency to exchanges with the intent to sell rather than hold.
This specific transaction involved the movement of nearly $80 million worth of XRP, a significant sum that warrants attention.
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