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XRP Whale Shifts Millions of XRP Tokens to Binance, Here's Why

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Sat, 10/02/2024 - 14:22
XRP Whale Shifts Millions of XRP Tokens to Binance, Here's Why
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XRP, the sixth largest cryptocurrency by market cap, saw token movements in the last 24 hours, one from an unknown wallet to Binance, the world's largest cryptocurrency exchange by trading volume.

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The transfer of 25.82 million XRP from an unnamed whale wallet to Binance was reported by Whale Alert, a service that monitors large cryptocurrency transactions.

Whale Alert reported, "25,826,980 XRP (13,562,734 USD) transferred from unknown wallet to Binance."

The whale's transfer has sparked speculation and curiosity among the crypto community, with indications pointing to the move as profit-taking. XRP closed its third day of gains on Feb. 9, reaching highs of $0.528. At the time of writing, XRP had relinquished its 24-hour gains and was down 0.50% to $0.52.

Related
Millions of XRP Snapped up by Whale as Price Prepares Epic Move

While the exact reason for the whale's move remains unknown, one likely reason why tokens are shifted to exchanges might be to sell them. The whale may be preparing to sell or trade XRP on Binance, taking advantage of the exchange's strong liquidity and volume, although this remains unknown.

Messari releases exciting Q4 report for XRP Ledger

On-chain analytics firm Messari has released an insightful Q4 report for XRP Ledger. This comes a day after Ripple released its Q4 2023 XRP markets report.

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XRP Ledger Surges 400% as On-chain Activity Grew in Q4: Details

According to Messari's report, NFT mints on XRP Ledger surged by 491% QoQ, bringing total NFT transactions up 170% QoQ. There were 3.4 million NFT mints in Q4'23, accounting for more than half of all mints since the XLS-20 standard was introduced in 2022.

The entire market capitalization of tokens on XRPL climbed 47% quarter-on-quarter to $169 million, with Sologenic's SOLO remaining the biggest token by market capitalization.

XRP's market capitalization surged by 21% QoQ and 97% YoY, with surges after the favorable news from the Ripple SEC lawsuit.

Transactions on XRP Ledger increased by 23% quarter-on-quarter, owing mostly to a massive surge in payments in December for inscription-related activity.

Hooks, Xahau, the EVM sidechain, the DID (XLS-40d) and the XLS-38d bridge all continued development alongside the AMM proposal.

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