1.2 billion XRPs were sent from giant exchanges.
As the December 12, which XRP investors are eagerly waiting for, approaches, it is seen that large transfers have increased. According to XRPL Monitor data, an incredible amount of XRP has been transferred in the last 15 hours, and the leading cryptocurrency exchanges are behind these transfers.
1.2 Billion XRPs Sent
It is seen that a total of 1.2 billion XRP has been released from crypto money exchanges led by Bithumb and Kraken . It seems that XRP transfers range from 100 million to 200 million XRP. This large amount of XRP transactions, which are made few days or even hours before the Spark airdrop program, can fuel the panic of investors.
Of course, in addition to crypto exchanges, Ripple co-founder Jed McCaleb recently sold 29.6 million XRP, making its fourth sale this week. According to the information provided by XRP Monitor , about $ 689 million of XRP has been transferred in the last 15 hours, and this is more than enough to scare investors.
Where are the funds from?
The majority of the funds appear to be from the South Korea-based crypto currency exchange Bithumb and the US-based crypto currency exchange Kraken. Bithumb sent 700 million XRP with 3 transfers in total, while Kraken sent 397 million XRP with four transfers. Other exchanges that transfer XRP are Bitfinex, Bittrex, Huobi, Coinbase and Binance.
The common feature of these crypto money exchanges is that they all support the airdrop program to be made by Flare Networks. The Flare Network, which will combine the important features of the Ethereum network with the important features of the XRP network, distributes 1: 1 SPARK token to all XRP investors to celebrate its entry into the market.
Airdrop Increases XRP Transfers
In order to earn SPARK tokens in the airdrop program, users need to keep their funds on exchanges that support this program. The reason for the large transfers made in the last 15 hours may be airdrops, as expected. However, after airdrops are made, selling them through exchanges can lower the XRP price harder than ever.
The XRP price was trading at $ 0.569 at the time of writing this article and dropped to $ 0.48 yesterday. It has previously been proven that there is a positive correlation between the fall in XRP price and the transferred funds. So the more XRP that is transferred, the more the price tends to drop, which multiplies investors' anxiety.
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