The post Whale Alert Spots Binance’s Surprise Transfer of 120M+ XRP as Prices Sink Below $0.5 appeared first on Coinpedia Fintech News

Binance, a prominent crypto exchange has shifted around 120 million XRP, worth more than $61.8 million, in just 15 minutes. This happened while XRP’s price was sliding below $0.51, making people wonder what was going on with XRP, especially with all the legal stuff between Ripple Labs and the SEC.

Binance Shuffles 120M XRP Token

Whale Alert, a well-known platform that tracks big crypto transactions, brought our attention to an interesting development. In a span of 15 minutes, a total of 120 million XRP made its way through two transactions.

The first one happened today at 07:25 (UTC), involving a transfer of 100 million XRP, valued at approximately $51.28 million, to a Binance address. The sending address is relatively new; it was activated by Binance only last month. Soon after activation, Binance transferred a significant sum of 300 million XRP to this wallet on December 26, 2023.

Shortly after receiving the 100 million XRP, this address initiated another transaction, sending 20.62 million XRP, valued at $10.57 million, to an unknown address.

What’s catching our eye is that this wallet has been consistently moving portions of these funds to different Binance wallets. While the exact purpose behind these transactions remains unknown, the common thread of involvement with Binance-related addresses suggests the possibility of in-house fund maneuvers

XRP Whale Dumps 29 Mln Tokens

Adding more surprise, a wallet no one knows about moved a massive 29 million XRP, which is around $15 million, to Bitstamp, a big crypto exchange.

Whale Alert said this unknown wallet (r4wf7….h4Rzn) sent 28.75 million XRP tokens to Bitstamp, valued at around $14.76 million. This got people talking and wondering in the crypto community.

XRP Faces Price Struggles

Pro-XRP lawyer Bill Morgan takes a critical look at XRP’s performance compared to BTC, ETH, and USD across various time frames, expressing deep concern over the digital asset’s significant decline.

Despite achieving legal clarity following the July 13, 2023 decision, XRP has struggled to maintain positive price momentum, casting shadows on its long-term value in comparison to other major cryptocurrencies.

As of now, XRP faces a 4.14% dip in price over the last 24 hours, settling at $0.50. In a noteworthy surge, the trading volume has spiked by 94.83%, reaching $1.76 billion during the same period.