In a significant move, a colossal sum of 50 million XRP tokens was mysteriously withdrawn from Binance, the world’s leading crypto exchange. This withdrawal is part of a broader trend of XRP whale activity seen over the past 24 hours, which has seen an increase in large transactions involving the cryptoasset.
In a significant move, a colossal sum of 50 million XRP tokens was mysteriously withdrawn from Binance, the world’s leading crypto exchange. This withdrawal is part of a broader trend of XRP whale activity seen over the past 24 hours, which has seen a rise in large transactions involving the cryptoasset.
Crypto Data Tracker Whale alert reports that a whopping 50 million XRP was transferred from Binance to unknown wallets in two transactions.
A total of 24,887,349 XRP for a value of $13,076,779 and 25,371,334 XRP $13,365,853 was transferred from Binance to unknown wallets in two separate transactions.
The identity of the destination wallets remains unknown, adding to the intrigue surrounding the transactions.
The volume of withdrawals suggests it could be related to institutional or whale activity. Whales, or institutional holders, can accumulate XRP for strategic purposes, such as long-term holdings or OTC (over-the-counter) trading. This notion aligns with the growing trend of institutional participation in the cryptocurrency market.
Tomiwabold OlajideThis recent development comes at a time when XRP price is showing signs of a possible rally. XRP gained for two days in a row, bouncing from a low of $0.508 on June 2 to a high of $0.532 in today’s trading session. At the time of writing, XRP was down 0.66% in the previous 24 hours as it faced resistance at its recent high.
The withdrawal of such a significant amount of XRP could suggest a strategic move by a large holder, possibly in anticipation of changes in the market or as part of a broader investment strategy. It could be a redistribution of funds. Whatever the case, the exact reason for the transfers is unknown.
