33.33 Million XRP Mysteriously Departs Major Exchange for Enigmatic Whale

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According to a report from Whale Alert, approximately 33.33 million XRP, worth over $10 million, were transferred from Binance around an hour ago, with the destination remaining a mystery.

Examining the specifics of the XRP transfer, we discover that approximately $16.28 million worth of XRP tokens were moved from the Binance identified address to the “rhWj9” address. It’s important to note that the “rhWj9” address was previously active, as evidenced by a transaction for around 4.17 million XRP, which was also sourced from Binance, according to Bithomp explorer records.

🚨 33,333,329 #XRP (16,280,840 USD) transferred from #Binance to unknown wallet— Whale Alert (@whale_alert) April 16, 2024

Despite the fact that we don’t have clear details about who owns this wallet, some XRP tokens were moved to various other platforms following the last transaction. Notably, these include Stake, Bithumb, and Upbit – the leading crypto exchanges in South Korea. Approximately 32 million XRP are currently stored in the “rhWj9” address.

XRP price outlook

Large quantities of XRP are being transferred between exchanges and unidentified wallets, causing the value of this cryptocurrency, currently ranked seventh, to undergo substantial price swings. Following a 30% decrease since last Friday and a subsequent 23% recovery, XRP has faced renewed downward pressure over the past two days. Consequently, its current market price is now below fifty cents at $0.49.

33.33 Million XRP Mysteriously Departs Major Exchange for Enigmatic Whale

Traditional thinking holds that large withdrawals of XRP from exchanges can be a sign of bullish sentiment. However, it’s unclear how significantly this activity affects XRP’s price trend. The reasons for these moves remain a topic of debate among market observers, and only the future will reveal the true intent behind this whale behavior and its impact on the crypto market.

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2024-04-16 18:56