Nearly $30 million of XRP remains in FTX, here’s how dangerous it is

According to the crypto-currency analysis portal Kaikothe combined accounts of FTX, FTX US and its trading affiliate, Alameda Research, still hold $3.3 billion in various crypto assets. Among them is XRP, whose collapsed crypto empire owns no less than $29 million in tokens.

A slide from a FTX bankruptcy deck was leaked earlier this week, where FTX listed their “liquid” assets

Let’s have a closer look to see if creditors can expect any value when the holdings are liquidated ⬇️

1/5 pic.twitter.com/y8zFseVjkO

– Kaiko (@KaikoData) January 20, 2023

Despite the fact that everything related to FTX has been considered toxic for the past two months, XRP holders need not worry about this locked-in volume. According to Kaiko, even if these accounts are liquidated, meaning the assets are dumped into the market, there will be no pressure on the price of XRP. This is due to XRP’s liquidity, which is reportedly the fourth best in the entire crypto market.

The market is deteriorating

While XRP’s market depth offers the token a sort of safety cushion, the same cannot be said for SOL, APT, TON and FTT. According to Kaiko, these crypto-assets are likely to suffer the most from a potential liquidation of the trio’s accounts.

If the combined value of SOL and FTT amounting to more than $1.2 billion has given rise to such thoughts, with Toncoin (TON) and Aptos (APT), things are a bit more sophisticated. So, if the data is to be believed, while the combined value of APT and TON positions is $98 million, the bidding volume for both on centralized exchanges is no more than $4.5 million.