Main navigation

Millions of XRP Exit Major Exchange Binance: Whale Story Unveiled

Tue, 09/05/2023 - 14:30
article image
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
Cover image via www.freepik.com

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.

Read U.TODAY on
Google News

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.

Related
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.

Related
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.

article image
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.