XRP Worth $12.6 Million Move to Prominent Exchange, Amidst The Mt.Gox Repayment Process 

The post XRP Worth $12.6 Million Move to Prominent Exchange, Amidst The Mt.Gox Repayment Process  appeared first on Coinpedia Fintech News

XRP, Ripple Labs Inc.’s cryptocurrency, finds itself at the epicenter of market activity with substantial whale transactions. In a noteworthy development, a mysterious sender initiated a transfer of 20 million XRP tokens, valued at $12.6 million, to a major exchange.

Coincidentally, this activity aligns with the unfolding news of compensation payments from the long-dormant Mt. Gox exchange.

Mysterious Sender Moves 20 Million XRP

Recent reports from Whale Alert, a renowned crypto-tracking platform, have highlighted a massive transfer of 20 million XRP tokens, valued at $12.6 million. 

However, the sender’s identity remains shrouded in mystery, with Whale Alert identifying the XRP coins as transferred from an unknown wallet to Bybit, another major crypto exchange.

Two More Hefty Whale Transactions

However, this whale’s performance didn’t conclude there. Within a 12-hour window, two more sizable transactions unfolded.  The first involved a substantial transfer of 24.9 million XRP tokens, worth $15.3 million, from an undisclosed wallet to Bitstamp. This transfer hinted at a potential sell strategy employed by the whales.

Following this, another noteworthy transaction saw 25.2 million XRP transferred from an unidentified wallet to Bitso, a prominent crypto trading platform, amounting to $15.54 million in market valuation.

Mt. Gox Drama Adds Intrigue

The timing of these significant transfers aligns with reports of Mt. Gox, the once-bankrupt exchange, initiating compensation payments to users after more than a decade of dormancy. 

Perhaps Recent reports confirm the initiation of compensation payments, with users on Reddit revealing the receipt of refunds in Japanese yen via PayPal, as earlier reported by Coinpedia News.

This Mt. Gox revelation has triggered a ripple effect across the cryptocurrency market, impacting major players like Bitcoin and XRP. Bitcoin witnessed a weekly low at $42,450, while XRP experienced a 3.6% decline since the day’s opening, leaving the overall cryptocurrency market with a 1.7% drop in capitalization, totaling a staggering $27.7 billion.