This weekend XRP price dropped by 9% due to massive shifts

XRP has been transferred in large amounts by some top-tier crypto assets exchanges this weekend. Following the recent transactions, we have noted that the price of the digital currency has plunged by more than 10%. According to some reports published over the weekend, several of the largest crypto assets trading platforms that operate globally and have spread their footprints across the world have transferred more than 120 million XRP coins. Meanwhile we have also observed that over the same period, the price of Ripple plunged by more than 9%.

Three major crypto exchanges shoveled XRP

According to data published by Whale Alert on Twitter, three major crypto assets exchanges have wired XRP. According to the tweet that shared the transaction’s details, it is noted that this weekend, 120.1 million XRP tokens have been wired by three major platforms.

It is worth noting that these three exchange platforms include Binance, which is currently the largest exchange across the globe.

According to data, the biggest transactions of the all three, carried 90 million XRP, that is worth more than $64.21 million. Notably, the funds were moved by the leading South Korean platform, Bithumb.

On the other hand, Binance shifted $11.27 million worth of the coins among its wallets. Moreover, the last transaction was made by the US based Bittrex exchange platform to Upbit, the South Korean platform where it transacted 15 million coins. The data has been revealed by the XRP focused analytics Bithomp.

Ripple’s native crypto is shifting across

According to several reports, we have witnessed that Ripple, one of the leading fintech firms globally, participated in shifting of a whopping 360 million tokens. Notably, the majority of the total amount that was shifted at the time was moved among anonymous wallets.

On the other hand, the fintech firm wired 50 million of the tokens to its reserve wallet. And 20 million were sent by Bittrex to Coins.ph in the Philippines, which collaborated with the firm as one of its ODL corridors.