Per WhaleAlert, 300 million XRP tokens have suddenly been transferred from Binance, the biggest cryptocurrency exchange. This major transfer happened as the crypto ecosystem awaited news of where the XRP price was headed next.
Three hundred million XRP worth around $130 million at present value were shifted with a transaction to an unspecified wallet, creating doubts about the motive behind the big shift.
Blockchain data tracker Whale Alert tweeted that "300,000,000 XRP worth $130,132,907 were transferred from Binance to unknown wallet."
🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (130,132,907 USD) transferred from #Binance to unknown wallethttps://t.co/kloHJ85eMi
— Whale Alert (@whale_alert) July 8, 2024
Aside from this, Whale Alert tweeted other XRP amounts shifted around several wallets and crypto exchanges over the weekend.
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Whale Alert tweeted: 37,390,000 XRP worth $16,064,836 were transferred from an unknown wallet to Bitstamp; in addition, 31,946,978 XRP worth $14,222,245 and 29,704,444 XRP worth $12,706,107 were transferred from Binance to unknown wallets.
What's happening?
These transfers are important to broader market transactions. The cryptocurrency market has been experiencing an unstable situation since last week, with Bitcoin and other cryptos falling to several-month lows.
Several cryptos are attempting to recover, trying their best to go green again. XRP's next price move might tell us if it will recover or face more pressure.
Now XRP shows a 0.92% gain in the last 24 hours to $0.437, after going as low as $0.403 at the time of today's active trading session.
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Withdrawals from crypto exchanges seem to be a signal for buying; otherwise, funds are shifted to a cold storage wallet. However, it is not known or explicit which it is.
In the coming days, the crypto ecosystem will continue to rely upon clues from XRP's price move.