Over 196 million XRP moved to anonymous wallets from exchanges recently.
Binance was drained of 71,532,786 XRP in three transactions today.
The movements occur as the price of XRP drops to $0.45 after falling 19%
Blockchain tracker, Whale Alert, recently flagged a series of large XRP transactions to anonymous wallets, raising eyebrows within the cryptocurrency community alongside the ongoing market dip.
In the past 24 hours, 196,291,580 XRP, valued at approximately $99,638,824, was transferred in multiple transactions from centralized exchanges to unknown destinations. This has raised questions about the possible motives and market implications.
The first transaction saw the movement of 95,678,814 XRP between two anonymous destinations, which occurred on 04 August at 15:21 (UTC). Four hours later, another 29,080,000 XRP, worth over $15,392,046, left the Bitstamp exchange for another unknown wallet.
Meanwhile, in more recent transactions, Binance was drained of 71,532,786 XRP, all of which went to unknown destinations.
Collectively, Whale Alert documented the transfer of 196,291,480 XRP, valued at $99.6 million, from exchanges to anonymous wallets in the last 24 hours.
These movements are part of a broader pattern of recent large XRP transfers. On August 2nd, 20 million XRP was deposited to Bitget from an unknown wallet, while on August 1st, 500 million XRP were unlocked from escrow by Ripple.
Analysts are divided on the potential reasons behind these significant transfers. Some suggest that institutional investors may be repositioning their assets, while others believe that these transactions could be preparations for major market activities.
An X (formerly Twitter) user Politicofolitco criticized the transactions, alleging they are intended to “dump the coin on retail investors to raise cash as always.” Meanwhile, others view the transfers positively, interpreting them as a “bullish” move.
In the meantime, XRP’s price has seen a significant drop in the last 24 hours, currently trading at $0.45 after dumping by 19% today.
The post Whale Alert: $100M XRP Moved as Price Tanks by 19% appeared first on Coin Edition.
