Whale Alert Detects Binance’s Unexpected Transfer of Over 120M XRP as Prices Plummet Below $0.5

Binance, a well-known cryptocurrency exchange, recently transferred approximately $61.8 million worth of XRP in just 15 minutes. This happened at a time when the price of XRP was falling below $0.51, leading to speculation about the reasons behind the transfer, particularly in light of the ongoing legal issues between Ripple Labs and the SEC.

Whale Alert, a platform that tracks large crypto transactions, drew attention to this development. Two transactions involving a total of 120 million XRP took place within a short span of time. The first transaction occurred at 07:25 (UTC) and involved the transfer of 100 million XRP, valued at around $51.28 million, to a Binance address. The sending address was relatively new and was activated by Binance just last month. Shortly after activation, Binance transferred a significant sum of 300 million XRP to this wallet on December 26, 2023. Following the receipt of the 100 million XRP, this address initiated another transaction, sending 20.62 million XRP, valued at $10.57 million, to an unknown address.

The interesting aspect is that this wallet has been consistently transferring portions of these funds to different Binance wallets. Although the exact purpose of these transactions remains unknown, the involvement of Binance-related addresses suggests the possibility of in-house fund maneuvers.

In another surprising move, an unknown wallet transferred a substantial amount of 29 million XRP, equivalent to approximately $15 million, to Bitstamp, a major cryptocurrency exchange. This transaction sparked discussion and speculation within the crypto community.

XRP has been facing struggles in terms of its price performance. Pro-XRP lawyer Bill Morgan has expressed deep concern over the digital asset’s significant decline compared to BTC, ETH, and USD across various time frames. Despite obtaining legal clarity following the decision on July 13, 2023, XRP has struggled to maintain positive price momentum, raising doubts about its long-term value compared to other major cryptocurrencies.

Currently, XRP has experienced a 4.14% dip in price over the past 24 hours, settling at $0.50. However, there has been a notable surge in trading volume, which has increased by 94.83% to reach $1.76 billion during the same period.