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Millions of XRP Exit Major Exchange Binance: Whale Story Unveiled

Tue, 09/05/2023 - 14:30
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Gamza Khanzadaev
Millions of dollars worth of XRP transferred from Binance, prepare for price ripple?
Millions of XRP Exit Major Exchange Binance: Whale Story Unveiled
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In a recent turn of events, WhaleAlert, the cryptocurrency tracking platform, brought attention to a massive XRP withdrawal from Binance, the world's largest crypto exchange. Approximately 40.4 million XRP tokens, valued at $20.36 million, seemingly vanished into an "unknown" destination. This news sent ripples through the community, sparking speculation about a significant market move.

XRP: Xahau Initial Distribution Allocates 600 Million XRP, Here's What to Know

However, a closer examination of the situation reveals a less sensational narrative. The "unknown" destination turned out to be another wallet belonging to the black-and-yellow crypto behemoth. This wallet now holds a staggering 62.48 million XRP, valued at $41.2 million, at the current market price. All in all, this whale alert was triggered by an internal transfer of tokens within the exchange itself.

One might expect such a substantial withdrawal from a major exchange to prompt a bullish surge in XRP's price. Traditionally, large withdrawals by whales are often interpreted as a sign of confidence in the token's potential. Yet, in an unexpected twist, XRP's value experienced a 0.4% decline just one hour after the internal transfer.

XRP Breaks $0.5 Threshold: What's Next?

This incident is not an isolated event, as similar significant XRP transfers have occurred in recent weeks, hinting at a larger pattern. Whether these movements foreshadow a significant shift in the XRP market or are simply routine exchanges within the ecosystem remains uncertain.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.