Community tracker Whale Alert spotted substantial volumes of XRP tokens departing Binance to anonymous destinations in the last few hours.
The first transaction involved the movement of 50,307,383 XRP from Binance to an XRP wallet with the initials “rarG6FaeYh.” This transaction occurred on May 31, at 23:40 (UTC), precisely 20 minutes before the new month. At the time of the transaction, the XRP assets in motion were worth $26,081,749.
100M XRP Moved Out of Binance
Just an hour later, another 50,307,376 XRP, worth over $26.08 million, left Binance for another anonymous wallet. Collectively, Whale Alert documented the transfer of 100,614,759 XRP valued at $52,125,759 from Binance to two anonymous wallets.
Scrutinizing the Anonymous Wallets
An examination of blockchain data indicates a possible connection between two unidentified XRP wallets and the prominent crypto exchange. In particular, Binance activated both wallets exactly five months ago.
Moreover, the transaction history for each wallet reveals a pattern of frequent, small-scale transfers to different platforms, with these transactions happening within minutes of each other.
421M XRP Moved in Two days
Meanwhile, Binance is not the only prominent trading platform where whale XRP movements are observable.
On Thursday, the tracking service Whale Alert observed transfers totaling 58,190,000 XRP from undisclosed wallets to the centralized exchanges Bitstamp and Bitso.
On the same day, renowned U.S.-based exchange Kraken transferred a staggering 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This particular transfer caught the community’s eye, as evidenced by the 150K interactions on the Whale Alert tweet.
Interestingly, these substantial XRP transfers coincided with XRP’s price decline to $0.5136 on the same day.
Essentially, over the past two days, as XRP’s value has declined, significant movement of XRP has occurred involving major exchanges, with a total of 421,380,644 XRP tokens transferred.
Ripple to Join the Trend
Meanwhile, the crypto market is expected to see more XRP movements in the next few hours, this time from the prominent crypto payment firm Ripple. Ripple is anticipated to release 1 billion XRP from escrow with the onset of June. However, Whale Alert has not yet recorded this unlock.
Typically, after such an escrow release, Ripple re-escrows 800 million XRP and utilizes the remaining 200 million for its operational expenses. This pattern was evident on May 13 and May 20, when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.
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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