A significant XRP withdrawal from Binance, the biggest cryptocurrency exchange in the world, was just made public by WhaleAlert, a cryptocurrency tracking tool. A total of 40.4 million XRP tokens, worth $20.36 million, allegedly disappeared into a “unknown” location. The community was shaken by this information, which led to rumours about a huge market shift.
However, a more thorough investigation of the circumstance shows a less dramatic story. The “unknown” location ended to being a different wallet owned by the black-and-yellow crypto goliath. A whopping 62.48 million XRP, worth $41.2 million at the current market price, are now stored in this wallet. All things considered, a token movement within the exchange itself caused this whale warning to go off.
Such a sizable withdrawal from a significant exchange may be predicted to result in a bullish rise in XRP’s price. Large withdrawals by whales are often seen as a positive indication of the token’s viability. But in a surprising turn, barely one hour after the internal transfer, the price of XRP fell by 0.4%.
This instance is not unique, since several sizable XRP transfers have happened similarly in recent weeks, suggesting a wider pattern. It’s unclear if these fluctuations signal a substantial shift in the XRP market or are just regular transactions within the ecosystem.
