Binance Stirs The Waters With A 200 Million XRP Transfer – What’s The Plan?
14 Février 2024 - 3:30PM
NEWSBTC
Cryptocurrency exchange giant Binance made a bit of a headline by
transferring a substantial amount of XRP tokens—200 million to be
exact. The massive amount of the transfer has made nearly everyone
in the crypto community come up with guesses as XRP tallied notable
4% increase in value following the transfer, which added an extra
layer of intrigue to the situation. Related Reading: Are We Headed
For Another $69K? Bitcoin Price Surges As Greed Dominates Crypto
Market The recent struggles of XRP, reflected in its monthly losses
and declining network fundamentals, have created an air of
uncertainty around the coin. Santiment data analyzed by NewsBTC
indicates a steady drop in daily active addresses and a decrease in
the rate of new address creation over the past month. Additionally,
XRP’s supply in profit has seen a sharp decline since the beginning
of the year. Source: Santiment Whale Alert Detects Binance XRP
Movement Investors’ pessimism about the payment-linked
cryptocurrency has been further accentuated by the lack of
profitability, evident in the consistently negative Weighted
Sentiment for XRP in 2024. As the crypto market evolves, these
factors contribute to the dynamic landscape and impact the
sentiments of investors and market participants. 🚨 🚨 🚨 🚨 🚨
200,000,000 #XRP (105,914,024 USD) transferred from #Binance to
unknown wallethttps://t.co/H8wJxoRtvA — Whale Alert (@whale_alert)
February 13, 2024 One platform that tracks high-value transactions,
Whale Alert, made the flow of XRP tokens visible. At around 6:40 am
UTC, Binance started three different transactions totaling 64.41
million XRPs. Trade observers took notice of the subsequent large
transfer of 200 million XRP to a “unknown wallet.” The 200 million
token transfer represents almost $105 million at the current XRP
selling price, highlighting the importance of this operation. After
more research, we discovered that the beneficiary address of the
$200 million transfer quickly transferred $4.28 million in XRP to a
different address. XRP market cap currently at $29 billion. Chart:
TradingView.com XRP Price Trades Higher After Binance Transfer The
real intent of these moves is still unknown at this point. But the
cryptocurrency community has been quick to conjecture, with
conversations centered on the potential for whale buildup. The
transfers’ timing, which coincided with an increase in XRP’s price,
has fueled conjecture even more. With a respectable rise in value
today, XRP, which had been in a protracted downturn, saw some hope.
Notably, it traded at $0.53, increasing in value over the previous
day and week to 0.6% and 4.1%, respectively, according to Coingecko
data. It’s possible that the enthusiasm surrounding XRP’s positive
turnaround spurred major market participants—also known as
“whales”—to take big action. Related Reading: Solana Surges: Open
Interest Hits $1.75 Billion, Price Up 8% Today Featured image from
Freepik, chart from TradingView
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