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Today, an atypical event occurred in the cryptocurrency field. Whale Alert detected a large withdrawal of 20.62 million XRP tokens worth $10.57 million from Binance, the world’s largest cryptocurrency exchange. The transaction was flagged as unusual in that it deviated from the usual pattern of significant XRP movements, typically associated with platforms such as Bitstamp and Bitso associated with Ripple’s payment services.
What’s unique about this particular transfer is not only that it deviates from traditional pipelines, but also that the destination of these tokens is undisclosed, which adds a touch of mystery to the situation.
However, upon closer inspection of XRPL Explorer’s data, initial speculation about the involvement of external entities disappeared, revealing that the recipient’s address was linked to Binance itself, specifically its hot wallet designated to store XRP tokens.
This discovery suggests that the $10 million transfer was likely an internal operation of the exchange rather than the involvement of external whales in the cryptocurrency market.
Follow XRP Price
As Binance orchestrates these token transfers, attention turns to XRP’s price dynamics. In recent days, XRP has been testing key support levels from January last year. Despite a temporary breakout in the past 12 hours that saw XRP price fall by 1.7%, the clear long shadow on the price chart suggests buyers were responsive.
The incident showed strong demand in the area and was reminiscent of a similar incident on January 23. Following that event, XRP price increased by 6.3% in the same week.
The inherent unpredictability of the cryptocurrency market makes predicting repeat performance challenging, but the current situation sets the stage for cautious optimism among XRP enthusiasts.
