An amount of XRP was swiftly moved, attracting the attention of the crypto community.
According to Whale Alert, a crypto data tracking service, a total of 36.3 million XRP, equivalent to $18,775,470, was transferred from undisclosed whale wallets to Bithumb, one of South Korea’s prominent cryptocurrency exchanges.
The movement of tokens to exchanges can serve various purposes, including selling, staking, or airdropping. However, the exact motive behind this large XRP transfer remains a mystery. Some speculators suggest it might be a profit-taking move.
Notably, XRP has been gaining popularity among South Korean traders, to the extent that it has surpassed Bitcoin as the most traded asset on the Bithumb exchange.
XRP experienced a price surge of over 10% on September 30, driven by anticipation for the Ripple Proper Party, held in New York City.
However, these gains tapered off after Ripple CEO Brad Garlinghouse hinted that there wouldn’t be any major announcements at the event.
Instead, the event was meant to celebrate collective achievements and highlight the importance of court decisions in the ongoing legal battle with the SEC.
Despite this, XRP continues to show resilience in the market, opening the next session at $0.521 after slight profit-taking.
As of the latest data, XRP is up 1.53% in the previous 24 hours, trading at $0.517. Notably, its 24-hour trading volume has increased by 118%, with $1.65 billion worth of XRP changing hands during this period.