2024

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In a significant move, a colossal sum of 50 million XRP tokens was mysteriously withdrawn from <a href="https://u.today/binance-announces-new-listings-for-three-major-trading-pairs-details" rel="noopener noreferrer nofollow">Binance</a>, the world's leading crypto exchange. This withdrawal is part of a broader trend of XRP whale activity observed in the last 24 hours, which has seen a surge in large transactions involving the crypto asset.
Crypto data tracker <a href="https://x.com/whale_alert/status/1798590771123363850" rel="noopener noreferrer nofollow">Whale Alert</a> reports a massive 50 million XRP being shifted from Binance to unknown wallets in two transactions.
<a href="https://x.com/whale_alert/status/1798590771123363850" rel="noopener noreferrer nofollow">A total of 24,887,349 XRP</a> worth $13,076,779 and <a href="https://x.com/whale_alert/status/1798545472627572918" rel="noopener noreferrer nofollow">25,371,334 XRP</a> worth $13,365,853 were transferred from Binance to unknown wallets in two separate transactions.
<blockquote>
 🚨 24,887,349 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (13,076,779 USD) transferred from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> to unknown wallet<a href="https://t.co/LSKjD7VZux" rel="noopener noreferrer nofollow">https://t.co/LSKjD7VZux</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1798590771123363850?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 6, 2024</a>
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The identity of the destination wallets remains unknown, adding to the intrigue surrounding the transactions.
The volume of the withdrawals suggests it could be linked to whale or institutional activity. Whales, or institutional holders, may accumulate XRP for strategic purposes, such as long-term holdings or OTC (over-the-counter) trading. This notion aligns with the growing trend of institutional involvement on the cryptocurrency market.
This recent development comes at a time when the <a href="https://u.today/xrp-market-inflows-skyrocket-by-100-with-185-million-boost" rel="noopener noreferrer nofollow">XRP price</a> is showing signs of a potential rebound. XRP gained for two days in a row, rebounding from a low of $0.508 on June 2 to a high of $0.532 in today's trading session. At the time of writing, XRP was down 0.66% in the previous 24 hours as it faced resistance at its recent high.
The withdrawal of such a significant amount of XRP could suggest a strategic move by a large holder, possibly in anticipation of market changes or as part of a larger investment strategy. It could be a redistribution of funds. Whatever the case, the exact reason for the transfers remains unknown.

50 Million XRP Mysteriously Withdrawn From Binance in Major Whale Activity

U.Today

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