As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the recent events unfolding in the XRP space. The massive transfer of 69.3 million XRP to Binance, worth nearly $200 million, has certainly sparked a flurry of activity and speculation within the community. While some see it as a sign of an upcoming pump, others are skeptical, predicting a possible sell-off.
A well-known crypto monitoring tool, Whale Alert, that identifies significant cryptocurrency transactions and broadcasts the information through its X-platform account (previously recognized as Twitter), recently uncovered a whopping XRP transaction valued nearly $200 million in traditional currency.
The transaction focused on Binance, the world’s largest centralized cryptocurrency exchange in terms of volumes, and it took place during a period when the fourth-largest crypto, Ripple (XRP), experienced a significant price surge of 9.33% since Monday. As I write this, XRP is being traded at approximately $2.57.
Binance hit with 69.3 million XRP transfer
According to information from our previous reference, just over an hour ago, an unidentified entity moved a sum of 69,300,000 XRP, worth approximately $175,875,867, to the Binance platform.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 69,300,000 #XRP (175,875,867 USD) transferred from unknown wallet to #Binance
— Whale Alert (@whale_alert) December 17, 2024
There was a lot of speculation within the community about the type of transaction this was and who initiated it. Some people believed it indicated an imminent increase in XRP price, while others thought it suggested an approaching sell-off, as it might have been a deposit for that purpose.
According to the analytics platform Bithomp, it appears that the recent XRP transaction was actually an internal one within Binance, as the mysterious wallet involved in the transfer belongs to them.
On a Monday, it was reported by the same analytics platform that a staggering 800 million XRP and 120 million XRP were withdrawn from Binance, with values amounting to $1.9 billion and $283 million respectively. Interestingly, data from Bithomp suggests these withdrawals were directed towards wallets linked to Binance, as the leading crypto exchange reorganized its XRP holdings by transferring some of them to fresh wallets.
Ripple unveils RLUSD launch date
According to U.Today’s reports, the significant blockchain company based in San Francisco, Ripple, has officially revealed the release date for their latest offering: the Ripple-backed USD stablecoin, known as RLUSD.
Starting from December 17, the new asset will be launched, followed closely by its availability on various cryptocurrency trading platforms. As announced by Ripple, one such platform planning to list this novel asset is Bitstamp.
Last week, Brad Garlinghouse, CEO of Ripple, announced that RLUSD had received final approval from New York State’s Department of Financial Services (NYDFS). According to U.Today, the Ripple Treasury produced 13 million units of RLUSD in preparation for its upcoming launch, as reported on Friday.
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2024-12-17 12:53