Crypto exchanges move over $600M XRP as Spark airdrop nears

TL:DR Breakdown:

• Major crypto exchanges have been spotted moving large amounts of XRP worth over $600 million within 24 hours.
• The transactions come ahead of the XRP Ledger snapshot on December 12, for the upcoming Spark airdrop.

Large transactions with Ripple (XRP) may not be an unusual thing for the crypto community. However, recent gigantic XRP transactions are worth noting, as exchanges and crypto holders prepare for the soon-coming snapshot for the Spark token airdrop. In less than 24 hours, major crypto exchanges, including Coinbase, were spotted moving huge amounts of XRP. The XRP-dedicated transaction tracker, XRPL Monitor, tweeted about the transfers.

Major crypto exchange moves over 1 billion XRP

In separate tweets, XRPL Monitor informed that crypto exchanges – Bithumb, Kraken, Coinbase, Binance, Houbi, Bitfinex, and Bittrex – transferred about 1.2 billion XRP in less than 24 hours. The transactions summed to $689,163,704 following the price of the cryptocurrency today. Bithumb exchange accounts for the largest transfer, moving about 300 million XRP in two different transactions. These transfers come ahead of the Spark token snapshot.

Spark is a digital currency developed by Flare Network, which will be airdrop to XRP holders following a partnership with Ripple, the blockchain company behind the third-largest cryptocurrency. The increasing level of XRP inflows and outflows on crypto exchanges comes as the XRP Ledger snapshot for the Spark airdrop is scheduled to happen in the next two days, December 12. Already, the exchanges involved in the transactions today already declared that they would support the upcoming airdrop.

XRP update

There may likely be a drop in XRP activities on many cryptocurrency exchanges supporting the Spark airdrop after December 12. This is because many XRP holders had moved their coins from wallets or convenient trading venues to platforms supporting the airdrop so that they could participate. Some people might transfer the coins back to their wallets after the snapshot.

On Coinmarketcap, XRP was trading at $0.569 during the time of writing. It’s up by 9.50 percent on a 24hrs count, with a market capitalization above $25 billion.