Whale Alert, the community-driven crypto movement monitoring tool, recently detected a significant movement of XRP out of the largest crypto exchange, Binance, in the last 24 hours.
In a recent tweet, Whale Alert revealed that over 41 million XRP tokens left Binance at an unmarked address. Specifically, an XRP whale on Binance moved 41,988,920 XRP to an unknown wallet. The digital asset was valued at $21,075,959 at the time of the transaction.
Prior to this transaction, Whale Alert equally captured a similarly significant amount of XRP moving out of the Binance exchange to an untagged destination. The market tracker reported that 40,393,173 XRP worth $20,361,168 left Binance on Tuesday.
This particular transaction attracted significant attention from crypto market participants. One of the commenters to the tweet expressed a belief that the significant movement implies an impeding dump on XRP.
Meanwhile, Ercan Sak, a Turkish XRP enthusiast, analyzed the details of the XRP transaction and observed that both the transfer’s sender and receiver were Binance exchange wallets. Sak concluded that the transaction likely involved the exchange’s internal operations.
XRP’s blockchain explorer confirmed Sak’s claim that the recipient address is a Binance-controlled wallet.
Over 210M XRP Left Binance
Furthermore, a quick survey of Whale Alert’s notification on XRP movements shows a recent spike in the trend of XRP leaving the Binance exchange en masse to external wallets.
In particular, over $20 million worth of XRP left Binance on Monday. And on September 4, a more significant 66,666,659 XRP moved out of the exchange. Similarly, 9,920,318 XRP valued at $10,167,904 were transferred off Binance on September 1. In sum, 210,208,965 XRP tradable at $104,747,127 have left Binance this new month.
According to Whale Alert’s data, the last time significant amounts of XRP left Binance to external addresses was three months ago in May. Crypto whales sent 163,293,344 XRP in two transactions to Binance in the month.
Nonetheless, it is worth mentioning that Binance is not the only exchange sending out XRP so far this month. The Bitvavo exchange shocked the community when 425,322,309 XRP left the platform to an untagged wallet on September 3.
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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