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Leading crypto tracking platform Whale Alert calls attention to the movement of over 79 million $XRP to two top exchanges Binance and Bitso.
60 Million $XRP Moves to Binance
Data from Whale Alert shows that the most recent transaction occurred earlier today, featuring the transfer of 60 million $XRP to Binance. According to Whale Alert, the funds were deposited to Binance today at 02:51 (UTC). At the time, the funds were worth $34.19 million, indicating that $XRP was priced at $0.5699.
For context, investors usually move funds to exchanges like Binance whenever they intend to sell or convert them to other assets. Hence, the transaction sent shockwaves into the $XRP community, as investors expected the move to have a bearish impact on the asset’s price. At press time, $XRP trades at $0.5746, marking a daily decline of 1.42%.
Unmasking Sender’s Identity
Although Whale Alert labeled the sender as “unknown,” $XRP blockchain explorer Bithomp data suggests that the transaction is part of an in-house transfer between two Binance-affiliated wallets.
According to Bithomp, Binance activated the sending wallet on December 21, 2023. Following its activation, the wallet has moved huge amounts of $XRP to other Binance-affiliated wallets, including a transfer of 33 million $XRP on August 21.
At the time of writing, the sending wallet currently has a balance of 204.27 million $XRP, worth $117.37 million.
Ripple Moves 19.4 Million
Prior to the movement of 60 million $XRP to Binance, Whale Alert had indexed the transfer of 19.4 million $XRP ($11.04 million) to the Bitso exchange. According to Whale Alert, the transaction occurred yesterday at 22:52 (UTC).
Despite Whale Alert labeling the sender as unknown, Bithomp data confirms that the wallet was activated with 20 $XRP by San Francisco crypto payments company Ripple on January 18, 2023.
The wallet currently has a balance of 2,209 $XRP in the hours leading up to press time. Notably, Bitso is one of Ripple’s major ODL (now Ripple Payments) partners. As reported last year, Bitso claimed it facilitated $3.3 billion in remittances between the United States and Mexico in 2022 using Ripple’s ODL solution.
Meanwhile, the abovementioned $XRP-related transactions come days after whales scooped nearly 150 million $XRP in 48 hours. The Crypto Basic reported that these investors first scooped over 50 million $XRP on August 27 and another 97.2 million $XRP the following day.