Whale Makes a Splash: Over 35M XRP Swiftly Transferred to Bithumb

• An anonymous whale transferred 36.3 million XRP, valued at $18.8 million, to Bithumb.
• XRP has now taken the lead as South Korea’s most traded cryptocurrency, surpassing Bitcoin in popularity.
• XRP surged 10% before the Ripple Proper Party, despite CEO Brad Garlinghouse clarifying no significant announcements would be made.

An anonymous whale recently transferred 36.3 million XRP, equivalent to a staggering $18.8 million, to the prominent South Korean cryptocurrency exchange, Bithumb. While the motives behind such large-scale transfers remain a mystery, the move underscored XRP’s growing dominance in the South Korean crypto scene.

Read CRYPTONEWSLAND on google news

XRP’s meteoric rise in South Korea was further exemplified as it claimed the throne as the most traded cryptocurrency on Bithumb. This significant achievement marks a turning point in the cryptocurrency landscape, signifying the South Korean traders’ deep affinity for XRP and waning interest in Bitcoin.

In the lead-up to the transfer, XRP experienced a remarkable surge of over 10%, with its price soaring to $0.549. This price hike was attributed to the heightened anticipation surrounding the Ripple Proper Party held in New York City. 

Ripple CEO Brad Garlinghouse surprised everyone by addressing speculations of significant announcements at the event. In a post on X (formerly Twitter), he expressed his anticipation for the Proper Party and excitement about bringing people together to celebrate their collective achievements. He also emphasized the importance of court decisions to the SEC and the value of continuing to fight for progress.

The crypto community’s optimism remained intact despite Garlinghouse’s reassurance that there would be no groundbreaking revelations. Yet, as the event unfolded, slight profit-taking ensued, with XRP opening the following day at $0.521. 

At the time of writing, XRP maintained a 1.53% increase in the previous 24 hours, trading at $0.517. Notably, the 24-hour trading volume for XRP surged by an impressive 118%, amounting to $1.65 billion worth of XRP traded within this time frame.

Read also:

• Seoul Prosecutors Issue Arrest Warrant for Kang Jong-hyeon: Report
• VP of Bithumb-Linked Company Found Dead in Seoul: Report
• FTX’s SBF Speaks Now About Failed Partnership With Taylor Swift
• Solana Co-Founder Urges Swift Crypto Regulation Action in the US
• Signature Bank Halts crypto transactions under $100,000: Binance