Whale Alert discovered that Binance made a surprise transfer of over 120 million XRP as the price fell below $0.50.

Binance, a popular cryptocurrency exchange, moved approximately 120 million XRP worth over $61.8 million in just 15 minutes. This occurred while the price of

Binance Shuffles 120M XRP Tokens

Whale Alert, a well-known platform that tracks large-scale cryptocurrency transactions, brought an interesting development to our attention. A total of 120 million XRP was transacted in two transactions in 15 minutes.

The first incident occurred today at 07:25 (UTC) when 100 million XRP worth approximately $51.28 million was transferred to a Binance address. The sending address is relatively new. It was activated by Binance only last month. Soon after activation, Binance transferred a significant amount of 300 million XRP to this wallet on December 26, 2023.

Shortly after receiving the 100 million XRP, this address initiated another transaction, sending 20.62 million XRP worth $10.57 million to an unknown address.

What catches our attention is that this wallet is constantly moving some of these funds to other Binance wallets. Although the exact purpose of these transactions is not yet known, a common thread involving Binance-related addresses suggests the possibility of internal fund manipulation.

XRP Whale Dumps 29 Million Tokens

What’s even more surprising is that an unknown wallet transferred 29 million XRP worth about $15 million to Bitstamp, a large cryptocurrency exchange.

Whale Alert said that this unknown wallet (r4wf7….h4Rzn) sent 28.75 million XRP tokens worth approximately $14.76 million to Bitstamp. This has got people talking and wondering in the cryptocurrency community.

XRP faces price struggle

Pro-XRP lawyer Bill Morgan took a critical look at XRP’s performance compared to BTC, ETH, and USD over various time frames, expressing deep concern over the digital asset’s severe decline.

Despite achieving legal clarity following the July 13, 2023 decision, XRP has struggled to maintain positive price momentum, casting a shadow over its long-term value compared to other major cryptocurrencies.

XRP is currently trading at $0.50, down 4.14% in price over the last 24 hours. Showing a notable surge, trading volume over the same period surged 94.83%, reaching $1.76 billion.