The XRP market endured another voluminous whale transfer as an “unknown wallet” moved 95,000,000 XRP to Binance.
A recent whale activity has caught the attention of the XRP community. Data from Whale Alert showed that an unknown address moved 95,000,000 XRP to leading crypto exchange Binance.
Per on-chain analysis, the sending address rPz2…4iNf moved the funds to a Binance-tagged wallet, rDAE…JPxr. The transaction happened in the early hours of Saturday at 04.48 UTC, with the asset worth nearly $50 million. At the time of the transfer, XRP was trading at $0.5229.
Unknown Wallet?
Although Whale Alert termed the sending wallet an unknown address, on-chain analysis from Bithomp confirms that the address (rPz2…4iNf) is a Binance-activated wallet. This could either mean the transfer was an in-house fund movement from Binance or that the sending wallet, though belonging to an external entity, resides on the Binance exchange.
The XRP explorer also showed that the two addresses had transferred huge amounts of XRP among themselves in the past. On August 29, wallet rPz2… 4iNf sent 60 million XRP (worth $39 million at that time) to the same address. A similar transfer occurred on August 21, with the sending address moving 33 million XRP ($19.81 million).
These continuous whale transfers point to a Binance affiliation for the sending address. At the time of writing, the sending address still held 109 million XRP ($57.3 million). Bithomp showed that the wallet was activated on December 21, 2023.
More Whale Activities
Meanwhile, whale Alert reported another mouth-watering XRP shuffle on Friday. An unknown wallet moved 102 million XRP ($54 million) to a newly activated wallet. The transfer happened by 16:12 UTC that day.
Notably, magnanimous transfers of this nature are not new to the XRP community. Ripple’s use of the asset to settle cross-border transactions has seen the fintech firm move large amounts of XRP between wallets and exchanges.
XRP continued its downtrend at the time of writing, with the asset down 3% in the past day. Meanwhile, its trading volume is up 64% in the past 24 hours to $1.48 billion.
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