Massive XRP Transfer Spotted from Binance as XRP Spikes 5.5% to $0.5867

A large XRP transfer worth $167,708,662 has been spotted on-chain, coinciding with a sustained uptick in the price of the cryptocurrency.

A lumpsum transaction featuring 300,000,000 XRP has been spotted by the crypto analytics platform Whale Alert. However, the market remains largely unaffected by the massive transfer, a moving such enormous funds in crypto is not uncommon, especially with XRP.

The Binance-XRP Connection

The assets were worth $167,708,662, implying that the 300 million XRP was moved at an average price of $0.5590. At first glance, the Whale Alert data shows the transfer was initiated from Binance to an unknown wallet.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (167,708,662 USD) transferred from #Binance to unknown wallethttps://t.co/UDN7TFP4Im

— Whale Alert (@whale_alert) February 27, 2024

On closer examination, the recipient wallet also has close ties with the top trading platform. Data from the Bithomp explorer shows the recipient’s wallet was activated by Binance in December 2021 with 70 XRP.

Before this 300 million XRP transfer, the wallet has featured proactively in related transactions in the past. Records confirm that it received 200 million XRP on February 13 and sent out 100 million 2 days after.

While the sender of the recent 300 million XRP has a current balance of 932.87 million XRP, the recipient wallet now boasts 297.128 million XRP as its balance.

Why XRP Price is Unmoved

Large transactions like the 300 million under review are capable of triggering a price reaction especially when users attribute the fund movement to potential whale actions. 

However, the market seems unconcerned with the transaction as the bullish uptick in the price of Bitcoin (BTC) is driving a positive market-wide sentiment.

XRP is riding the wave with its price and market capitalization up 5.55% in 24 hours to $0.5867 and $32,022,346,555. Trading volume has maintained a 62.98% jump within the same period to $2,432,218,131.