The XRP market once again experienced a large amount of whale transfers as an “unknown wallet” moved 95,000,000 XRP to Binance.
Recent whale activity has caught the attention of the XRP community. data According to Whale Alert, an unknown address moved 95,000,000 XRP to major cryptocurrency exchange Binance.
On-chain analysis shows sending address rPz2…4iNf Transfer funds to a Binance tagged wallet, rDAE…JPxrThe transaction took place early Saturday morning at 04:48 UTC and was valued at approximately $50 million. At the time of the transaction, XRP was trading at $0.5229.
Unknown wallet?
While Whale Alert refers to the sending wallet as an unknown address, on-chain analysis by Bithomp confirms that the address (rPz2…4iNf) is a Binance-enabled wallet, which could mean that the transfer was an internal Binance transfer or that the sending wallet belongs to an external entity but exists on the Binance exchange.
The XRP explorer also showed that the two addresses have transferred large amounts of XRP to each other in the past. August 29wallet rPz2…4iNf sent 60 million XRP (valued at $39 million at the time) to the same address. A similar transfer occurred on August 21, when the sending address moved 33 million XRP ($19.81 million).
These ongoing whale transfers suggest the sending address has ties to Binance. At the time of writing, the sending address still held 109 million XRP ($57.3 million). Bithomp revealed that the wallet was activated on December 21, 2023.
More whale activities
Meanwhile, whale alert Reported Friday saw another fascinating XRP shuffle, as an unknown wallet moved 102 million XRP ($54 million) to a newly activated wallet. The transfer took place by 16:12 UTC that day.
It's worth noting that such generous transfers are nothing new to the XRP community: Ripple uses the asset to settle cross-border transactions, and the fintech company moves large amounts of XRP between wallets and exchanges.
XRP continues to trend lower at the time of writing, dropping 3% in the past day. Meanwhile, trading volume has increased 64% to $1.48 billion in the past 24 hours.
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