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HomeCrypto NewsMarketBinance and CryptoCom Move 223 Million XRP

Binance and CryptoCom Move 223 Million XRP


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The transactions occurred when the asset leveraged the market-wide rally to recover the losses of the past few days.

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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).


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.

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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. 


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.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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