A substantial 50 million XRP tokens were recently withdrawn from Binance, the world’s top crypto exchange, marking a notable event in the crypto space. This withdrawal is part of a broader trend of significant XRP movements observed within the past 24 hours, indicating heightened activity among large holders of the cryptocurrency.
According to crypto data tracker Whale Alert, two transactions involving 24,887,349 XRP worth $13,076,779 and 25,371,334 XRP worth $13,365,853 were transferred from Binance to unknown wallets.
The destination wallets’ identities remain undisclosed, adding to the mystery surrounding these transactions. The sheer volume of the withdrawals suggests possible involvement of whales or institutional players. Such entities often accumulate XRP for various strategic purposes, including long-term holdings or over-the-counter trading, aligning with the increasing institutional interest in the crypto market.
This development coincides with a potential rebound in XRP’s price, which has seen consecutive gains in recent days, rising from a low of $0.508 on June 2 to a high of $0.532 in today’s trading session. Despite facing resistance at its recent peak, XRP’s price remains volatile, with a 0.66% decrease in the past 24 hours at the time of writing.
The withdrawal of such a significant amount of XRP suggests a strategic maneuver by a large holder, possibly in anticipation of market shifts or as part of a broader investment strategy. It could signify a redistribution of funds, although the exact motive behind these transfers remains unclear.
