XRP Whales Make $12.6M Move as Mt. Gox Payouts Continue: Is There a Link?

In the world of cryptocurrencies, XRP, Ripple Labs Inc.’s digital asset, has recently grabbed headlines due to some significant whale transactions. A notable event occurred when a large transfer of 20 million XRP tokens, valued at $12.6 million, was made to a leading exchange.

Coincidentally, this activity aligns with the unfolding news of compensation payments from the long-dormant Mt. Gox exchange. What’s the link we’re missing here?

Mystery Around XRP Moves

The identity of the sender behind this 20 million XRP transaction remains unknown. According to Whale Alert, a trusted crypto-tracking platform, the tokens moved from a hidden wallet to Bybit, a prominent crypto exchange.

The crypto world saw more action within a short span of 12 hours. Another transaction involved the movement of 24.9 million XRP tokens, worth $15.3 million, to Bitstamp. This significant transfer could indicate strategic decisions by large holders.

Shortly after, 25.2 million XRP tokens, with a market value of $15.54 million, were transferred to Bitso, a key crypto trading platform.

Read More: Ripple Price Breaks Its Key Resistance Level! Is XRP Price About To Explode?

Mt. Gox News Impacts Market

These notable transactions coincided with developments from Mt. Gox, a previously bankrupt exchange. Mt. Gox has started compensating its users, with reports indicating refunds in Japanese yen via PayPal, as highlighted by Coinpedia News.

Following these updates, the broader crypto market experienced shifts. Bitcoin reached a weekly low of $42,450, and XRP saw a 3.6% decrease since the start of the day. Overall, the cryptocurrency market witnessed a 1.7% decline, amounting to a total loss of $27.7 billion in market capitalization.

In summary, the recent whale activities and Mt. Gox developments have added intrigue to the crypto landscape.