As an experienced financial analyst, I’ve been closely monitoring the cryptocurrency market for quite some time now. The recent XRP transactions reported by Whale Alert, with two large chunks of 26 million and 28 million XRP being moved from Binance to unknown wallets, have certainly piqued my interest.
As a crypto investor following the latest developments in the market, I’ve noticed some intriguing activity reported by Whale Alert, a widely-used blockchain tracker. Over the past 24 hours, anonymous whales have transferred two substantial XRP transactions from Binance, the world’s leading crypto exchange, according to their recent reports.
The enigmatic financial exchanges have stirred intrigue and perplexity within the XRP community, as evidenced by the responses to related tweets. Concurrently, the value of XRP has experienced a significant drop but has recently shown signs of rebounding.
54.4 million XRP on move
As a crypto investor, I’ve come across some intriguing information. Whale Alert, a well-known platform for tracking large cryptocurrency transactions, has recently announced two significant XRP transfers. These transactions involved the transfer of 26,234,427 XRP and 28,218,783 XRP from Binance to unknown blockchain addresses, according to Whale Alert’s data.
These XRP chunks were evaluated at $12,389,973 and $13,455,894 at the time the transfers were made.
For several months now, Binance has experienced sizeable XRP withdrawals on a weekly basis, with only occasional interruptions. Simultaneously, significant XRP deposits have been made to major exchanges like Bitso and Bitstamp, resulting in tens of millions of XRP being transferred to these cryptocurrency markets. The frequency of these transfers has noticeably escalated over the past few weeks, indicating heightened activity among XRP “whales” connected to Ripple.
XRP recovers after recent price drop
In the past 24 hours, XRP, which currently ranks as the seventh largest cryptocurrency by market capitalization, has experienced a significant drop. The value of XRP has decreased by over 4%, causing it to dip from $0.48864 down to $0.46806.
In the last several hours, XRP has regained approximately 2% of its lost value and is currently being traded at $0.47732.
XRP’s price decline mirrored Bitcoin‘s drop, which occurred when Bitcoin dipped from around $64,000 to approximately $62,300 within the past 24 hours. The reason behind Bitcoin’s significant decrease is due to miners selling large quantities of BTC since the halving event in April. During this event, the block rewards for mining a Bitcoin block were reduced by half, from 12.5 BTC per block to 6.25 BTC per block and approximately 900 BTC daily.
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2024-06-24 14:22