XRP Whales Resume Dumping Amid Price Volatility
- WBOYOriginal
- 2024-09-07 21:40:14622browse
XRP whales continue to dominate headlines with recent massive transfers stirring market speculation. In a notable development, an unknown wallet has moved 95 million XRP
Cryptocurrency exchange Binance (CRYPTO: BNB) saw an interesting transaction early Saturday morning, according to blockchain data.
An XRP whale, detected by WhaleAlert, moved 95 million XRP, valued at nearly $50 million, to Binance.
The transaction occurred at 04:48 UTC, with XRP trading at $0.5229 per coin.
At the time of writing, XRP was down 1.75% over the past 24 hours and trading at $0.5276, according to CoinMarketCap.
The transaction saw the XRP transferred from an unknown wallet to a wallet tagged under Binance’s address.
On-chain data showed this is not the first instance of large-scale transfers between these two wallets.
Previously, on Aug. 29, a transaction of 60 million XRP was recorded from the same wallet, valued at approximately $39 million at the time.
The wallet that conducted the transaction was activated on Dec. 21, 2023, and has played a significant role in XRP transfers, according to Bithomp.
Just prior to this latest transfer, on Aug. 21, the XRP whale sent 33 million XRP — valued at nearly $19.81 million at the time — to the same Binance-tagged address.
The pattern of transfers, coupled with the wallet’s initial activation by Binance, strongly indicates an affiliation with the exchange.
Whether these transfers are internal reallocations or external transactions are left to speculation.
In recent XRP news, CoinGape reported on Sept. 6 that 100 million XRP, valued at $54 million, was transferred from Ripple to an unidentified wallet.
In other recent XRP news, Judge Torres granted Ripple’s request to delay the $125 million payment pending further clarity on the appeal in the case.
The XRP price has crashed and is nearing a critical support level around $0.50.
The actions of XRP whales are being watched for signs of sustained selling pressure, which could lead to further declines in the XRP price.
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