Someone just sent a massive amount of XRP to Bithumb - one of the largest cryptocurrency exchanges in Korea.
The market has suddenly crashed today, resulting in billions worth of liquidated leveraged positions. This comes on the back of Bitcoin’s price plunging toward $25K and many other cryptocurrencies following suit.
Ripple’s XRP has seemingly had it the worst. It’s down over 15% in the same period, and now it might even be in for more trouble.
Ripple’s XRP has crashed by more than 15% in the past 24 hours alone, leaving over $50 million worth of liquidated leverage positions, according to data from CoinGlass.
But it seems that the altcoin might be in for more trouble.
The well-known whale transaction tracking resource Whale Alert has flagged a massive transaction of 150 million XRP sent to the largest Korean exchange – Bithumb.
Source: Whale Alert
It’s important to note that this doesn’t necessarily mean that there’s a crash incoming.
However, more often than not, investors send their cryptocurrency to an exchange with the intention to sell rather than hold.
This particular transaction saw the transfer of almost $80 million worth of XRP – a formidable amount.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
