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XRP saw a sharp transfer of 95 million XRP, valued at nearly $50 million, to Binance, highlighting ongoing whale activity as the cryptocurrency dropped to $0.5276 amidst SEC tensions.
XRP Whale Moves $50M to Binance
An important transaction involving an XRP whale was reportedly spotted in the early hours of Saturday, according to WhaleAlert.
Binance initially enabled an unknown wallet, and then 95 million XRP were moved to a wallet that was labeled with Binance's address. The amount of the transaction, which took place at 04:48 UTC with XRP selling at $0.5229 per coin, was close to $50 million.
History of Large Transactions Noted
Additionally, data found on the blockchain shows that large-scale transfers between these two wallets have happened before. Earlier, on August 29, the same wallet registered a transaction of almost $39 million, involving 60 million XRP.
The suspicious trend of frequent, large-volume transfers between known wallets may indicate that Binance or a related party is strategically managing the assets.
Wallet Activated in 2023 Handles Major XRP Movements
The sending wallet plays a crucial role in XRP transfers, as revealed by Bithomp's investigation into its history. The wallet has made multiple transactions totaling large sums of XRP since it was activated on December 21, 2023. On August 21, just before this most recent transfer, the XRP whale transmitted 33 million XRP, which is roughly $19.81 million, to the same address that is linked with Binance.
The wallet was initially activated by Binance, and the pattern of transfers strongly suggests that there is a relationship with the exchange. It is unclear at this time whether these movements represent internal reallocations or transactions with outside parties.
Ripple Shifts $54M in XRP as SEC Battle Continues
Furthermore, on September 6, CoinGape disclosed that Ripple transferred 100 million XRP, worth $54 million, to an anonymous wallet. Crypto enthusiasts are paying close attention to this deal because of the current Ripple vs. SEC litigation and the possibility of an appeal.
The latest XRP news is that Judge Torres has agreed with Ripple's request to postpone the $125 million payment until the appeal is resolved.
The market dynamics are still greatly affected by the continued activities of XRP whales.
Market sentiment changes with each big transaction, which affects the stability of the Ripple cryptocurrency. As the price of XRP plummets and approaches a crucial support level of approximately $0.50, observers are keeping a close eye on the activities of whales to identify any indications of ongoing selling pressure.
XRP Price Drops as Market Eyes Key Support
The price of XRP has been very unstable, falling 1.75 percent in the last day to a low of $0.5276.
