Whale Alert Discovers 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 occurred while the price of XRP was declining below $0.51, leading to speculation about the situation with XRP amidst the ongoing legal issues between Ripple Labs and the SEC.
Whale Alert, a platform that tracks large crypto transactions, brought attention to this interesting development. Within a span of 15 minutes, a total of 120 million XRP was moved through two transactions.
The first transaction took place today at 07:25 (UTC), involving the transfer of 100 million XRP, valued at around $51.28 million, to a Binance address. The sending address is 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.
After receiving the 100 million XRP, this address initiated another transaction, sending 20.62 million XRP, valued at $10.57 million, to an unknown address.
What’s intriguing is that this wallet has consistently been moving portions of these funds to different Binance wallets. Although the exact purpose behind these transactions remains unknown, the involvement of Binance-related addresses suggests the possibility of in-house fund maneuvers.
Adding to the surprise, an unknown wallet transferred a massive 29 million XRP, equivalent to approximately $15 million, to Bitstamp, a major cryptocurrency exchange.
Whale Alert reported that this unknown wallet (r4wf7….h4Rzn) sent 28.75 million XRP tokens to Bitstamp, valued at around $14.76 million. This activity has sparked discussions and speculation within the crypto community.
XRP has been facing challenges in terms of price performance. Pro-XRP lawyer Bill Morgan has expressed deep concern over the significant decline of XRP compared to BTC, ETH, and USD across different time frames.
Despite obtaining legal clarity after the decision on July 13, 2023, XRP has struggled to maintain positive price momentum, raising doubts about its long-term value in comparison to other major cryptocurrencies.
Currently, XRP has experienced a 4.14% price decrease over the last 24 hours, settling at $0.50. Notably, the trading volume has surged by 94.83%, reaching $1.76 billion during the same period.