In a recent development that has caught the attention of the cryptocurrency community, AlertPeckShield reported that addresses associated with FTX and Alameda transferred approximately $12 million in cryptocurrency. This significant move included 5 vBTC, worth around $7 million, sent to Wintermute and 10 million WXRP worth $5.2 million transferred to Binance.
In a recent development that has caught the attention of the cryptocurrency community, AlertPeckShield reported that addresses associated with FTX and Alameda transferred approximately $12 million in cryptocurrency. This significant move included 5 vBTC, worth around $7 million, sent to Wintermute and 10 million WXRP worth $5.2 million transferred to Binance.
Yuri MolchanWrapped XRP (WXRP) is a tokenized version of XRP that exists on other blockchains, allowing XRP holders to use their assets in decentralized applications. Meanwhile, FTX and Alameda, both involved in bankruptcy proceedings, have been under scrutiny for their cryptocurrency holdings and transactions.
FTX’s exact remaining XRP holdings are unknown. Reports in September indicated that the bankrupt exchange had over 225 million XRP in its accounts. If the latest transfer data is accurate, the amount sent to Binance represents no more than 4.44% of the total XRP held by FTX and Alameda.
XRP Price Outlook
This transaction coincides with a notable drop in the market value of XRP. Since the start of the day, the price of XRP has fallen by more than 3.4%, falling below the key psychological level of $0.50 per XRP. This decline raises questions about possible correlations between the FTX transfer and recent price movements.
Tomiwabold OlajideWhile the price drop and the large transfer may not be related, such a significant asset move could affect market sentiment. The transfer could spook investors and reinforce bearish predictions, putting further downward pressure on the price of XRP.
