As a seasoned cryptocurrency analyst with a deep understanding of the market trends and player behavior, I find the recent XRP transactions reported by Whale Alert intriguing. Two anonymous whales disappearing with almost 50 million XRP from Binance, the world’s largest crypto trading platform, raises some eyebrows.
The Whale Alert monitoring system on the blockchain, known for tracking significant cryptocurrency transactions and broadcasting the information on social media X, has recently announced two large XRP transactions.
Two assets, valued around $13.5 million each in traditional currency, originated from Binance and subsequently vanished into unidentified digital wallets.
Almost 50 million XRP disappear from Binance
Two unidentified whales have withdrawn a combined total of around 45.6 million XRP (worth roughly $27.1 million) from Binance, the global leader in daily cryptocurrency trading volume. Specifically, one of them took out 22,891,710 XRP, while the other removed 22,814,856 XRP.
As a crypto investor closely following XRP, I’ve noticed a potential indication of whales restarting their buying spree in the cryptocurrency, which had seen a decrease in activity lately. However, further analysis using XRP-focused explorer Bithomp uncovered some critical information. The millions of XRP that were moved recently were transferred to two wallets linked to Binance. Consequently, these significant XRP transactions turned out to be part of Binance’s internal fund management processes.
Recent XRP price performance
Over the past week, the cryptocurrency XRP, which is affiliated with Ripple and holds the seventh largest market capitalization value, has been trading between $0.60155 and fluctuating slightly. Despite several attempts to break out of this range, XRP reached as high as $0.63 before experiencing a reversal, only to rebound and touch $0.62.
During the midweek period, XRP experienced a substantial price surge of approximately 16.11%, reaching a peak of $0.63 from its previous value of $0.54 within about five days. Following this gain, the coin underwent a decline of around 4.62%, aiming to recover and resume its bullish trend.
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2024-07-28 00:02