Binance Sent $ 4 Million XRP to Ripple Wallet

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

The huge amount of XRP transfers sent from the Binance crypto exchange to the wallets of the San Francisco-based blockchain company Ripple attracted all the eyes. According to data reported by XRPL Monitor, a total of 16.2 million XRP, or approximately $ 3,942,956 million, was transferred to Ripple. Well, is the reason for this transfer known?

Looking at the information on Bithomp of the September 15 transfer, it is seen that the transaction was carried out yesterday at 22.30. Although this transaction attracts all the attention, Binance has a “criminal record” in this regard. Massive XRP transfers had previously been made directly between Ripple and Binance wallets. The reason for the XRP funds Ripple sends to Binance is known as providing more liquidity to the stock market.

However, the reason for the last transaction against Ripple by Binance has not yet been revealed. Normally, transfers from Ripple to Binance have either heavy sales or liquidity targets, but there is no clear explanation of what this is. Looking at the theories, it is seen that many people on social media focus on the idea that Binance is sending back “redundant XRPs”.

ADVERTISEMENT

Jed McCaleb Sells XRP Again

While some investors argue that this is also related to Ripple co-founder Jed McCaleb, this may not be the truth. McCaleb’s cryptocurrency wallet, called “tacostand”, is closely followed by many analysis firms, and a connection of the transaction has not yet been determined.

However, on the same dates, it was seen that McCaleb sent 5.7 million XRP worth approximately $ 1.388 million to an anonymous wallet. This indicates that the famous founding partner is about to create sales pressure again.