Binance Moves $150M in XRP Tokens Amid Market Uncertainty

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Binance Transfers 200 Million XRP Tokens: What’s Behind It?

The cryptocurrency exchange Binance recently transferred 200 million XRP tokens to an unknown wallet. This transfer occurred after a 4% increase in the value of XRP. There remains some tension regarding the true nature of these transfers.

The Transaction in Detail

On February 13, a considerable number of Ripple [XRP] tokens were transferred from Binance. The size of the transaction drew the attention of the community. The analysis of the on-chain data by Whale Alert showed a series of high-value transactions. The last of these was the said transfer of 200 million XRP from Binance to an “unknown wallet”. At the current market price of XRP, this amounts to more than 105 million dollars.

Prior to this transaction, Binance had carried out three separate transfers, with a total size of 64.41 million XRP, around 6:40 AM UTC. In total, XRP tokens worth almost 150 million dollars were transferred from early morning until the time of this writing.

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Speculations About the Transaction

The address that received the 200-million transfer immediately transferred 4.28 million XRP to another address. Interestingly, the receiving address itself was activated by Binance on December 21. There remains some uncertainty about the real nature of these transfers. However, as in most cases, speculations about accumulation by whales began.

XRP Value Increases After Prolonged Downtrend

It is worth noting that these transfers followed a 4% increase in the value of XRP. The hope of a bullish turn for a coin that has been rather disappointing in recent weeks could have attracted whales. In fact, XRP was the only major cryptocurrency recording monthly losses, about 8% at the time of this writing.

Summary

The transactions from Binance raise questions and lead to speculations in the community. While the exact nature and purpose of these transfers remain unclear, it does show the ongoing activity and interest in XRP. Despite a recent loss in value, the increase in XRP’s value could be a sign of a possible positive turn.

Sources: Whale Alert, Santiment

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