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40 Million XRP Moved to Binance Exchange and Sold Immediately

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Mon, 11/29/2021 - 12:36
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Arman Shirinyan
Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers
40 Million XRP Moved to Binance Exchange and Sold Immediately
Cover image via stock.adobe.com

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While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.

According to transactional activity on the chain, an anonymous wallet ending in "kskkhi" has moved 40 million coins to a wallet owned by Binance centralized exchange.

Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.

Ripple transaction data
Source: Bithomp

The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.

The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.

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The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.

At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.