Massive multi-million XRP withdrawals from Binance into an unknown wallet continue, according to recent report.
According to data shared with the crypto community by the prominent blockchain tracking service Whale Alert, Binance has seen yet another massive XRP chunk leave its wallet for a blockchain address that belongs to an anonymous whale.
30,406,274 #XRP (15,073,991 USD) transferred from #Binance to unknown wallethttps://t.co/Rvtp3P9F4F
— Whale Alert (@whale_alert) June 10, 2024
The XRP community started actively discussing this transfer in the comments, speculating as to the goal of this transaction and its destination. In the meantime, XRP has so far failed to recover after the enormous plunge it saw on Friday.
30.4 Million XRP On Move From Binance
Over an hour ago, the aforementioned data source spread the word about an astounding XRP transaction made from a Binance wallet to a blockchain address with an unregistered owner. The anonymous whale made a withdrawal of 30,406,274 XRP in total. This amount of crypto is valued at $15,073,991.
The community started a heated discussion in the comments, pondering as to the nature of this transaction – the identity of the whale who initiated it and the destination the XRP chunk was sent to.
Overall, XRP users remain bullish on the Ripple-affiliated cryptocurrency, and some even expect it to make a bullish breakout this week. One commentator suggested that the anonymous recipient of this transfer could be a bank.
This transaction indeed seems like a purchase that could be made by a financial institution or a private cryptocurrency investor.
It should be noted that these large XRP transfers from the world’s largest crypto exchange to unknown wallets have been going on for several months now, as Whale Alert has been reporting on them every week, several times a week.
Still, data shared by the Bithomp XRP-focused data platform shows that this massive transaction was sent from Binance to a crypto wallet that also belongs to Binance, removing the mystery and turning this transfer into a funds redistribution made by the crypto trading platform between its wallets.
XRP Price Performance
Since Friday, XRP has lost slightly more than 6% of its price. On Friday, XRP faced a 7% price drop, printing three consecutive red candles on an hourly chart, and one of those candles was a tremendous one. On that day, XRP crashed from the $0.526690 level.
Since then, XRP has been attempting to recover, but it has so far been trading sideways, moving in the $0.49617 range.
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