In a significant move, a colossal sum of 50 million XRP tokens was mysteriously withdrawn from Binance, the world’s leading crypto exchange.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.
🚨 24,887,349 #XRP (13,076,779 USD) transferred from #Binance to unknown wallethttps://t.co/LSKjD7VZux
— Whale Alert (@whale_alert) June 6, 2024
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.
This 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.
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