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Millions of XRP Exit Binance as Whales Show New Wave of Rising

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Mon, 24/06/2024 - 11:08
Millions of XRP Exit Binance as Whales Show New Wave of Rising
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According to recent reports published by the popular blockchain tracker Whale Alert, which traces massive and large cryptocurrency transactions, over the past 24 hours, anonymous whales have moved two massive XRP chunks from the largest crypto exchange in the world, Binance.

These mysterious transactions got the XRP community excited and puzzled, as can be seen in the comments to those tweets. In the meantime, the XRP price has faced a major price decline but has begun making attempts to recover.

54.4 million XRP on move

Whale Alert has shared that two large XRP transactions, carrying 26,234,427 XRP and 28,218,783 XRP, were made from the Binance exchange to blockchain addresses tagged by the aforementioned data source as unknown.

These XRP chunks were evaluated at $12,389,973 and $13,455,894 at the time the transfers were made.

Over the past few months, Binance has been seeing these large-scale XRP withdrawals nearly every week with rare exceptions. Besides, regular large XRP deposits have been hitting such top exchanges as Bitso and Bitstamp, when tens of millions of XRP landed on these cryptocurrency trading platforms. These regular transfers, which have intensified over the past few weeks, underscore whales’ increased activity regarding the top 10 XRP coin affiliated with the Ripple giant.

Related

XRP recovers after recent price drop

Over the last 24 hours, the seventh largest coin by market capitalization size, XRP, has plunged by more than 4%, falling from $0.48864 to the $0.46806 level.

Over the past few hours, though, XRP has managed to recover nearly 2% from that loss and is changing hands at $0.47732 as of this writing.

XRP’s drop followed that of cryptocurrency market leader Bitcoin as it plummeted from above $64,000 to the $62,300 area over the last 24 hours. Bitcoin has seen a major price drop as miners continue to sell millions of U.S. dollars worth of BTC since the halving that took place in the middle of April this year and got block rewards cut by 50% to reach 3.125 BTC per block and 450 BTC per day of mining.

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