Binance Injects Millions of XRP into Mysterious Wallet at Good Price Opportunity

Prominent blockchain tracking bot Whale Alert has noticed two massive XRP transfers made by whales over the last eight hours. One of them was withdrawn from the largest cryptocurrency trading platform, Binance, to an anonymous wallet.

This happened when the XRP price undertook an attempt to surge and pare its recent losses suffered on the market.

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27.5 million XRP leave Binance, 100 million XRP change hands

A total of 27,525,205 XRP were noticed leaving the Binance exchange and landing in an unknown wallet, which may certainly look like accumulation amid a favorable XRP price opportunity. However, data disclosed by XRP explorer Bithomp shows that the receiving address also belongs to Binance. Therefore, rather than a purchase and a withdrawal, this now becomes Binance reshuffling its XRP holdings and moving them to separate wallet.

Curiously, the second major cryptocurrency transfer, which carried 100,000,000 XRP from one anonymous wallet to another, was also made between two wallets linked to Binance. 

Thus, it was this exchange that made both transactions mentioned above, which carried 127,525,205 XRP cumulatively. This amount of crypto is estimated at $68,000,000 in fiat.

XRP price performance

Since last Friday, the seventh largest cryptocurrency has spiked, staging an increase of 12.64% and soaring from the $0.4774 to the $0.5573 level. However, the impressive rise was followed by a decline of slightly less than 1%.

At the time of this writing, XRP is changing hands at $0.5333.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.