A recent revelation claims that a significant amount of XRP is being removed from Binance regularly.
A major tracker, Whale Alert, released information for crypto enthusiasts. It claims that Binance transmitted a sizeable amount of XRP to an undefined person’s wallet.
The XRP group started speculating about this transfer, commenting on its cause and destination. In the meantime, XRP has yet to recover from the significant decline it experienced on Friday.
30.4 Million XRP Shifting from Binance
The same data source announced an enormous XRP transfer from a Binance wallet to an unidentified owner’s address an hour earlier. The unidentified individual removed 30,406,274 XRP or around $15,073,991 in total.
In the comments, the community engaged in a heated debate to determine who started this transaction and where most of the XRP ended up.
XRP supporters are generally upbeat about this coin that is connected to Ripple. Some even predict that its value may increase this week. Someone surmised that a bank might be the source of all this XRP.
This transaction was carried out by a large bank or a crypto investor.
Notably, these large-scale XRP transfers from the largest crypto exchange to anonymous wallets have been occurring for a few months. They have been discussed on Whale Alert several times a week.
But, according to data from the Bithomp XRP data portal, Binnce transmitted this sizeable transaction to a different crypto wallet that it owns. This solves the puzzle by demonstrating that Binance was merely transferring money between its wallets during the transfer.
XRP Price Action: What’s Happening?
XRP’s price has decreased by slightly more than 6% since Friday. On Friday, there was a 7% drop in price for XRP. An hourly chart displayed three consecutive red candles, one of which was particularly large. XRP dropped from the $0.526690 mark that day.
Since then, XRP has been making an effort to recover, but for the time being, it has mainly remained at $0.49617.
