Whale Alert, a community tracker, has detected significant amounts of XRP tokens leaving Binance and being sent to undisclosed destinations in recent hours.
The first transaction involved the movement of 50,307,383 XRP from Binance to an XRP wallet with the initials “rarG6FaeYh.” This transfer occurred on May 31st at 23:40 (UTC), just 20 minutes before the start of June. At the time of the transaction, the value of the XRP assets in motion was $26,081,749.
Just an hour later, another 50,307,376 XRP, worth over $26.08 million, left Binance for another anonymous wallet. In total, Whale Alert recorded the transfer of 100,614,759 XRP valued at $52,125,759 from Binance to two undisclosed wallets.
Upon scrutinizing blockchain data, a possible link between two unidentified XRP wallets and the well-known crypto exchange Binance was discovered. Both wallets were activated by Binance exactly five months ago. Additionally, the transaction history of each wallet indicates a pattern of frequent, small-scale transfers to various platforms, often occurring within minutes of each other.
It is worth noting that Whale Alert also observed significant XRP transfers from undisclosed wallets to centralized exchanges Bitstamp and Bitso, totaling 58,190,000 XRP. On the same day, the renowned U.S.-based exchange Kraken transferred a staggering 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This transfer caught the attention of the community, as evidenced by the 150K interactions on the Whale Alert tweet. Interestingly, these large XRP transfers occurred simultaneously with a decline in XRP’s price to $0.5136.
Over the past two days, as the value of XRP has declined, there has been significant movement of XRP involving major exchanges. In total, 421,380,644 XRP tokens have been transferred.
In the coming hours, the crypto market is expected to witness more XRP movements, this time from Ripple, a prominent crypto payment firm. Ripple is anticipated to release 1 billion XRP from escrow at the beginning of June. However, Whale Alert has not yet documented this release. Typically, after such an escrow release, Ripple re-escrows 800 million XRP and utilizes the remaining 200 million for operational expenses. This pattern was observed on May 13th and May 20th when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
