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HomeCrypto NewsMarketUnknown Whale Withdraws 150M XRP From Binance

Unknown Whale Withdraws 150M XRP From Binance

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An anonymous whale withdrew 150M XRP from the world’s largest exchange.

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Deep-pocketed crypto investors are still in the business of shuffling vast amounts of the XRP even as the year draws to an end. Leading cryptocurrency whale tracking service Whale Alert announced today that an unknown whale withdrew a whopping 150 million XRP tokens from the world’s largest cryptocurrency exchange Binance.

The transaction took place at precisely 14:23 (UTC). Whale Alert noted that the 150M XRP tokens were worth around $52.1M.

Data from XRP-centered explorer Bithomp shows that the user currently holds 248M XRP. 

Another Whale Moved 45M XRP to Bitstamp

Aside from the transaction above, Per data from Whale Alert, an unknown XRP whale transferred a lump sum of 45M XRP worth $15.59M to Bitstamp exchange.

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When writing this line, the unknown whale currently holds a total of 2.449M XRP as balance. 

Whale Interest in XRP Spikes

The enormous amounts of XRP shuffled by whales in the past 24 hours further suggest a rising interest in Ripple-affiliated tokens among high-net-worth crypto investors. It bears mentioning that these huge XRP transfers are made for investment purposes or concerning Ripple’s On-Demand Liquidity (ODL) service.

Ripple’s ODL is a decentralized payment solution that utilizes XRP as a bridge currency for cross-border settlements. In the year’s second quarter, Ripple reported that its XRP sales amounted to a whopping $408.9 million.

Ripple noted that demand for its ODL solution spiked to the extent that it had to purchase XRP from secondary markets to meet these growing demands. “Ripple has continued to engage in sales solely related to ODL, and these volumes have ramped up substantially as Ripple’s ODL business expanded globally,” the blockchain company noted.

Crypto whales are taking early positions in XRP as they anticipate a Ripple victory in the ongoing SEC lawsuit. Crypto Law founder attorney John E. Deaton speculated that he expects the judge to rule in favor of Ripple given the company’s defense throughout the lawsuit. Meanwhile, top defense lawyer James K. Filan revealed that Judge Torres would rule on the lawsuit on or before March 31, 2023.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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