Last updated on May 18th, 2024 at 12:21 pm
Amid the excitement hovering over the crypto market, a mysterious whale has made a significant move transferring over 30 million XRP tokens from a popular exchange to an unknown wallet.
Recently, WhaleAlert, a large crypto transaction tracker, reported that it had spotted a massive XRP movement involving Binance, one of the world’s largest cryptocurrency exchanges, and anonymous wallets.
Over 30 million XRP tokens on the move
XRP, one of the largest cryptocurrencies by market cap, is embroiled in an intriguing mystery as a sizable quantity of tokens are shifting from Binance to unidentified addresses.
According to the aforementioned tracker, more than 30 million XRP tokens (worth more than $23 million) were shifted from the crypto exchange to wallets labeled ‘unknown.’ The significant transfers have sparked interest and created speculations across the market. Consequently, observers are anxious to uncover the intent behind this move.
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Everything started on Friday when significant transfers of XRP to unidentified wallets were noticed from Binance. The pattern continued throughout the weekend, and in the past day, four more transactions totaling 18.43 million to 19.2 million XRP have been detected by the cryptocurrency transaction tracker Whale Alert, raising questions about the intentions behind these significant transfers.
In two transactions, 18,750,448 XRP (valued at $11,698,918) and 18,824,503 XRP (worth $11,193,419) were moved from Binance to unidentified wallets, according to Whale Alert. The transfers of 19,212,012 XRP (worth $11,475,729) and 18,438,481 XRP (valued at $11,268,267) constituted the other two transactions.
While the reasons for the activities are unknown, one could suggest a wallet reshuffle by the top exchange. Another possible reason behind the transactions may be attributed to a strategic position adjustment by large XRP investors.
Whatever the reason, the short-term impact is yet to be seen as the price of XRP is still on an upward trend for the last 24 hours.
XRP price today
According to data from Coinstats, XRP is currently trading at $0.6237, representing a 2.6% increase in the last 24 hours. Furthermore, the volume of the sixth-largest cryptocurrency has also enjoyed an upsurge within this period.
Per CoinMarketCap data, XRP trading volume has surged by over 50% in the last day, resting at $2.2 billion, indicating an increase in activities involving the trending token. Finally, XRP now has a live market cap of $34,159,877,442 ($34.1 billion).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.