Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a significant move, a colossal sum of 50 million XRP tokens was mysteriously withdrawn from Binance, the world's leading crypto exchange. This withdrawal is part of a broader trend of XRP whale activity observed in the last 24 hours, which has seen a surge in large transactions involving the crypto asset.
Crypto data tracker Whale Alert reports a massive 50 million XRP being shifted from Binance to unknown wallets in two transactions.
A total of 24,887,349 XRP worth $13,076,779 and 25,371,334 XRP worth $13,365,853 were transferred from Binance to unknown wallets in two separate transactions.
The identity of the destination wallets remains unknown, adding to the intrigue surrounding the transactions.
The volume of the withdrawals suggests it could be linked to whale or institutional activity. Whales, or institutional holders, may accumulate XRP for strategic purposes, such as long-term holdings or OTC (over-the-counter) trading. This notion aligns with the growing trend of institutional involvement on the cryptocurrency market.
Tomiwabold OlajideThis recent development comes at a time when the XRP price is showing signs of a potential rebound. XRP gained for two days in a row, rebounding from a low of $0.508 on June 2 to a high of $0.532 in today's trading session. At the time of writing, XRP was down 0.66% in the previous 24 hours as it faced resistance at its recent high.
The withdrawal of such a significant amount of XRP could suggest a strategic move by a large holder, possibly in anticipation of market changes or as part of a larger investment strategy. It could be a redistribution of funds. Whatever the case, the exact reason for the transfers remains unknown.
Arman Shirinyan
Dan Burgin
Alex Dovbnya