As a researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of mysterious token transfers. The recent movement of over 70 million XRP tokens within the past 24 hours has certainly piqued my interest.
As a researcher studying the cryptocurrency market, I’ve observed significant transfers of XRP tokens in substantial quantities over the past day. The reasons behind these movements remain unclear to me, sparking curiosity and speculation among the community.
Approximately 70 million dollars’ worth of XRP have transferred hands in total, with some of this amount leaving identified Binance wallets.
In simpler terms, approximately $13.5 million worth of XRP, amounting to 28,218,783 units, was moved from Binance by the initial transactor.
The second one saw 26,234,427 XRP worth around $12.4M transferred from the exchange.
The last one saw 30,820,000 XRP worth around $14.9 million moved from an unknown wallet.
All three of these transactions were flagged by the popular bot – Whale Alert on X.
Where Did All That XRP Go?
That’s the question that everyone is asking. Well, the first two transactions, totaling around 54 million tokens, both went into two addresses that had been previously activated by Binance itself. Therefore, it’s highly likely that this is an internal operation initiated perhaps out of security reasons. It’s entirely possible that Binance has been moving the funds to cold storage or to different addresses following a security protocol.
In late 2022, an account previously activated by Ripple executed a significant transaction worth approximately $15 million. This transaction was directed towards the cryptocurrency platform, Bitstamp.
This is a commonly followed practice: For decades, Ripple has transferred XRP to platforms such as Bitstamp and various cryptocurrency exchanges for conversion into other currencies or assets. In simpler terms, there’s nothing unusual about this action and it doesn’t raise any red flags.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- CEL PREDICTION. CEL cryptocurrency
- CTSI PREDICTION. CTSI cryptocurrency
- USD HUF PREDICTION
- EUR PHP PREDICTION
2024-06-24 20:42