The transactions occurred when the asset leveraged the market-wide rally to recover the losses of the past few days.
Binance and Crypto.com recently transferred 223.1 million XRP tokens, valued at $86.6 million, to unidentified wallets in two whale transactions today. The development comes amidst XRP’s recently-engineered modest rally as the asset looks to recoup the losses incurred in the latest correction.
Whale tracking resource Whale Alert highlighted both transactions, which occurred a few hours apart today. The latest transaction saw Binance send 123,140,840 (123.1 million) XRP to an unknown wallet address today at 09:42 (UTC).
? ? ? ? 123,140,841 #XRP (47,034,513 USD) transferred from #Binance to unknown wallethttps://t.co/iO3upqhtHV
— Whale Alert (@whale_alert) February 15, 2023
Per data from XRP Ledger explorer Bithomp, the receiving address currently has a balance of 376.8 million XRP tokens. The wallet was activated by Binance in 2021, indicating an affiliation with the exchange. The address has constantly been offloading its assets in bits to the MXC Foundation, Upbit, and Bitvavo, among others.
Such XRP whale movement from Binance does not come as a surprise, as the community has witnessed a series of similar transactions involving millions of tokens. On Feb. 5, Binance was reported to have sent 32M to the same receiving address. The exchange had also sent 94M+ XRP to the address last month.
Seven hours before Binance’s latest transaction, Singapore-based exchange Crypto.com transferred 100M XRP tokens to another unidentified wallet, as noted by Whale Alert. The recipient wallet has so far retained its holdings and has been receiving inflows from addresses affiliated with Bybit, Poloniex, and Super.one.Â
? ? ? 100,000,000 #XRP (37,936,679 USD) transferred from #CryptoCom to unknown wallethttps://t.co/jLl2TeZc37
— Whale Alert (@whale_alert) February 15, 2023
XRP Looks to Recoup
Amidst these two whale transactions is a modest rally embarked on by XRP as it leverages the market-wide recovery. The asset has so far gained by 5.04% in the past 24 hours, trading for $0.3875 as of press time. XRP looks poised to register a second consecutive winning session today after closing yesterday with a 3.13% gain.
When the asset was changing hands between the $0.38 and $0.41 price points last month, crypto behavior analytics service Sentiment revealed that XRP’s MVRV Z-score indicates that the asset is undervalued, along with most other crypto assets. According to Santiment, this signals that the asset shows promise, as there is still some “meat on the bone” to recoup from the previous year’s losses.
? According to MVRV Z-Score, which identifies overvalued and undervalued assets based on short & long term returns, top caps are in the following categories:
? Overvalued: $BNB
? Undervalued: $BTC, $ETH, $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, $LINKhttps://t.co/52bMDRyqqn pic.twitter.com/hBURjNZOLV— Santiment (@santimentfeed) January 20, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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