Yuri Molchan
Anonymous whale has made two large withdrawals of XRP from the Binance exchange
Blockchain sleuth Whale Alert has spotted two large transactions made from the leading cryptocurrency exchange Binance. Each transfer carried slightly more than 50 million XRP – the top 7 digital currency, according to the CoinMarketCap scale.
These transactions took place while the XRP price had been attempting to break out.
Massive XRP purchase on Binance?
The consecutive transactions, carrying 50,307,376 and 50,307,383 XRP and worth $26,000,000 in fiat each took place with less than an hour between each other. They may look like crypto whales buying XRP on the dip while the coin is striving to break out above the $0.52590 level on the chart.
On May 30, XRP printed a large red candle on an hourly chart, which pushed the coin’s price 2.17% down. Since then, the seventh largest crypto has been striving to recover the lost price level.
Mysterious XRP buyer unveiled
However, data shared by the Bithomp XRP explorer shows that both blockchain addresses to which these tens of millions of XRP were transferred are associated with Binance itself. Therefore, this is likely a redistribution of assets performed by the crypto trading giant.
On May 30, Whale Alert reported detected an even larger transaction. On that day, a whopping 262,575,885 XRP were moved away from the Kraken exchange – a leading one in the USA. This astounding amount of crypto was moved from Kraken to an anonymous blockchain wallet. Crypto withdrawals from exchanges take place for a variety of reasons. Sometimes, it is exchanges themselves that rearrange their crypto holdings and move assets to new wallets.
The most likely reason here, however, seems to be a purchase after which a whale, whose identity remains undisclosed, shoveled this $137,276,075 worth of XRP tokens into his cold storage vault for long-term holding.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
