Binance shuffles over 77 million XRP in two transactions over the past 24 hours.
Prominent crypto data tracker Whale Alert indexed these transactions in two different X posts today. According to Whale Alert, over 77 million XRP coins were withdrawn from Binance in the early hours of today.
Details of the Transactions
Data from Whale Alerts shows that the funds were withdrawn in two transactions. The first transaction occurred today at exactly 03:20 (UTC). Per Whale Alert’s data, a Binance user withdrew 50,756,791 (50.75 million) XRP, worth $26.2 million, to an untagged address, “rhWj9g…FLQkK.”
🚨 🚨 50,756,791 #XRP (26,209,981 USD) transferred from #Binance to unknown wallethttps://t.co/rPf2WUKgC2
— Whale Alert (@whale_alert) June 3, 2024
A few hours later, another Binance user moved 26,262,724 (26.26 million) XRP worth $13.59 million to an unknown wallet, “rarG6F…2bZKk.” This brought the total Binance-related XRP transactions indexed today by Whale Alerts to 77,019,515 (77.01 million) XRP, valued at approximately $40 million.
Internal Transfer on Binance
Although Whale Alert data did not reveal the identity of the recipient addresses, investigations conducted by The Crypto Basic show that the addresses are affiliated with Binance.
Data from Bithomp indicates that Binance activated the recipient addresses on the same day and time, January 3, 2024, at 14:40 (UTC). Further investigations into the accounts show that the first address, “rhWj9g…FLQkK,” currently holds a balance of 45.11 million XRP, while the second recipient wallet, “rarG6F…2bZKk,” holds 43.49 million XRP at press time.
Apparently, Binance uses the funds in both addresses to fulfill users’ withdrawal requests, as reflected in the transactions recorded so far. Since receiving the 77.01 million XRP, the recipient addresses have moved thousands of XRP to other centralized crypto exchanges, including Bybit, Bitso, Upbit, Coinbase, and Luno.
Unknown User Deposits 29.6M XRP on Bitstamp
Besides Binance-related transactions, Whale Alert also indexed another large XRP movement that occurred over the past 24 hours. In the transaction, an unlabeled address moved 29.6 million XRP to the Bitstamp crypto exchange, leaving the address with a balance of 203.14 XRP.
🚨 29,600,000 #XRP (15,175,490 USD) transferred from unknown wallet to #Bitstamphttps://t.co/9rLy2xPlmI
— Whale Alert (@whale_alert) June 2, 2024
In the meantime, XRP has witnessed a daily surge of 0.49% over the past 24 hours, bringing its price to $0.52 per token. However, the price of XRP has plummeted in the weekly charts by 1.78%.
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.
