In a recent development that has caught the attention of the cryptocurrency community, PeckShieldAlert reported that addresses associated with FTX and Alameda transferred approximately $12 million worth of cryptocurrency. This significant movement included 5 vBTC, worth around $7 million, sent to Wintermute and 10 million WXRP worth $5.2 million transferred to Binance.
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Wrapped 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.
#PeckShieldAlert #FTX/#Alameda labeled addresses transferred ~$12m worth of cryptos out~5 $vBTC (worth ~$7m) were transferred to #wintermute, ~10m $WXRP (worth ~$5.2m) were transferred to #Binance pic.twitter.com/rV04yuyQsI
— PeckShieldAlert (@PeckShieldAlert) June 11, 2024
FTX's exact remaining XRP holdings remain unknown. Reports from September indicated that the bankrupt exchange had over 225 million XRP in its accounts. If the most recent 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 beginning of the day, the price of XRP has fallen more than 3.4%, dropping 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.
XRP to USD by CoinMarketCap
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While it is possible that the price decline and the large transfer are unrelated, such a significant movement of assets could affect market sentiment. The transfer could scare off investors and reinforce bearish predictions, putting further downward pressure on XRP's price.