Blockchain sleuth Whale Alert has spotted two large transactions made from the leading cryptocurrency exchange Binance. Each transfer carried slightly more than 50 million XRP — the top seven digital currency, according to the CoinMarketCap scale.
These transactions took place while the XRP price had been attempting to break out.
Massive XRP purchase on Binance?
The consecutive transactions, carrying 50,307,376 and 50,307,383 XRP and worth $26,000,000 in fiat each took place with less than an hour between each other. They may look like crypto whales buying XRP on the dip while the coin is striving to break out above the $0.52590 level on the chart.
🚨 🚨 50,307,376 #XRP (26,081,749 USD) transferred from #Binance to unknown wallethttps://t.co/5lrG9UH5jK
— Whale Alert (@whale_alert) June 1, 2024
On May 30, XRP printed a large red candle on the hourly chart, which pushed the coin’s price 2.17% down. Since then, the seventh largest crypto has been striving to recover the lost price level.
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Mysterious XRP buyer unveiled
However, data shared by the Bithomp XRP explorer shows that both blockchain addresses to which these tens of millions of XRP were transferred are associated with Binance itself. Therefore, this is likely a redistribution of assets performed by the crypto trading giant.
🚨 🚨 🚨 🚨 🚨 🚨 262,575,885 #XRP (137,276,075 USD) transferred from #Kraken to unknown wallethttps://t.co/lX4r84iD63
— Whale Alert (@whale_alert) May 30, 2024
On May 30, Whale Alert reported detected an even larger transaction. On that day, a whopping 262,575,885 XRP were moved away from the Kraken exchange — a leading one in the USA. This astounding amount of crypto was moved from Kraken to an anonymous blockchain wallet. Crypto withdrawals from exchanges take place for a variety of reasons. Sometimes, it is exchanges themselves that rearrange their crypto holdings and move assets to new wallets.
The most likely reason here, however, seems to be a purchase, after which the whale, whose identity remains undisclosed, shoveled this $137,276,075 worth of XRP tokens into their cold storage vault for long-term holding.
