Last updated on March 13th, 2024 at 07:26 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.
Advertisement
Source: X
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).
Advertisement
Free Tool: Use our simple crypto profit calculator to calculate your potential profits and returns on your cryptocurrency investments.<<<
Read more:
- MicroStrategy Adds 12k BTC to its Holdings
- Popular Crypto Analyst Predicts Bitcoin to Break Above $100k in 21 Days, Possible?
- Crypto.com Transfers Massive 2 Trillion SHIB Tokens Between Wallets, What is Happening?
Special Offer (SPONSORED)
Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).
"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.
Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.