Astonishing Withdrawal of 45.6 Million XRP Leaves Binance, the Biggest Crypto Exchange, Stunned

There was a significant XRP exodus from Binance observed by the crypto community over a brief timespan.

The blockchain monitoring entity Whale Alert, known for tracking and publicizing sizeable cryptocurrency transactions on social media platform X, has reported on two substantial XRP transactions.

Each transaction was valued at approximately $13.5 million and originated from Binance, subsequently vanishing into undisclosed wallets.

Nearly 50 million XRP vanished from Binance

Two unknown whales executed withdrawals of 22,891,710 and 22,814,856 XRP from Binance, the largest crypto exchange by daily trading volume. This totaled close to 45.6 million XRP, with a combined value of approximately $27.1 million.

These developments might indicate that crypto whales are resuming their XRP accumulation, which had recently shown a downtrend. Nevertheless, further information from the XRP-centric explorer Bithomp reveals that both recipient wallets of these multi-million XRP transactions are connected to Binance, implying that the large-scale transfers are part of Binance’s internal funds reorganization.

Latest XRP Market Movements

Meanwhile, Ripple’s associated XRP, currently the seventh largest crypto by market cap, persists in its sideways movement, maintaining a price within the $0.60155 vicinity. Over the past week, the asset made an attempt to escalate, reaching $0.63, then experiencing a downturn and climbing again, this time to $0.62.

Midweek, XRP experienced a swift 16.11% value surge, soaring to $0.63 from $0.54 in just about five days. Subsequently, the currency underwent a 4.62% fall, as it made efforts to regain bullish traction for an ascent.

About the Author

Yuri has a keen interest in emerging technologies and has been covering the blockchain and cryptocurrency space since 2017. He believes in the transformative potential of blockchain and cryptocurrencies in various sectors. He has contributed to numerous crypto publications, and his work has been referenced by well-known industry figures including Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, and others.