Binance Moves More Than 120 Million XRP Amid The Token’s Price Drop
The price fluctuations in the broader crypto market (Binance) have continued today, January 31, as the bears retain dominance. Subsequently, several assets remained in the red, with XRP following the current trend to drop some of its gains.
Amid the low price pattern, the leading crypto exchange, Binance, shuffled over 120 million XRP tokens.The company completed its movement in two different transactions within a fifteen-minute timeframe.
Binance Shuffles Millions Of XRP Coins Across Its Associated WalletsData from the on-chain whale tracking site Whale Alert revealed that Binance moved more than 120 million XRP within its accounts.The two separate transactions are worth over $61.8 million and took place at XRP's price below $0.5100.
According to Whale Alert, the first transaction involved the transfer of 100 million XRP coins.
The tokens are worth over $51.28 million based on the crypto market prices.
- Whale Alert (@whale_alert) January 31, 2024
The transaction occurred on January 31 at 07:25 UTC, and both the sending and receiving.According to reports, the sending wallet is a new account Binance activated last month.
The records of the address indicated that Binance had moved about 300 million into the new account as of December 26, 2023.
Also, the exchange has been using the wallet to transfer millions of XRP coins to different Binance wallets. For instance, Binance moved 139 million XRP from the new account within an hour of the 300 million XRP receipt. Currently, the address now has about 64 million XRP in its holding.
Notably, the receiving address of the 100 million XRP is a known Binance wallet. Usually, the exchange uses the address to complete several small XRP transfers to other entities like banks, Upbit, Coinbase, and Bithumb. Such transactions are part of the exchange's withdrawal redemptions.
The second transaction, as noted by Whale Alert, came in less than 15 minutes after the first. It involved the transfer of 20.62 million XRP worth over $10.57 million.
- Whale Alert (@whale_alert) January 31, 2024
Data from Bithomp also revealed that the receipt account is Binance-related.
Recent XRP Transactions Could Correspond With Binance Periodic MovementsThe entire motive for the XRP has attracted the attention of crypto enthusiasts. However, given that all the wallets involved in the transactions are associated with Binance, the movements could reflect in-house transfers.
They could be part of the exchange's account balancing exercises or redemption of withdrawal requests.
So, there's no reason to panic for now, given that Binance maintains periodic transfers of large volumes of XRP that don't affect the token's price. For instance, on January 16, the exchange moved more than 94 million XRP coins to an anonymous wallet.
Also, over 300 million XRP have changed hands between Binance accounts and other whale wallets since last December. None of these movements of coins have pulled XRP below the $0.5 level.
Notably, as of 07:40 AM EST on January 31, XRP hovers around $0.5063, indicating a 4.63% decline over the past 24 hours.
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