Blockchain tracker Whale Alert identified a significant XRP transaction directed toward Binance, the world’s largest cryptocurrency exchange. According to the platform’s report, a staggering 200,000,000 XRP—valued at approximately $355.57 million—was deposited into Binance from an unknown wallet.

Crypto Community Reacts

This massive transfer quickly caught the attention of the crypto community. Many users speculated about the intent behind the transaction, especially since it followed a sharp 16.25% drop in XRP’s price earlier in the day. However, the cryptocurrency rebounded by 8.97%, bringing its price to $1.76055 at the time of reporting.

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In response to Whale Alert’s post, many traders and enthusiasts flooded the comment section with theories. Some assumed that the whale behind the transaction intended to dump XRP amid the market downturn. Comments like “Big move,” “Sell them all, we’ll buy them!!!” and “They are selling” reflected this belief.

Binance Confirms Internal Transfer

Despite the initial speculation, further details revealed a more straightforward explanation. Whale Alert clarified that the sender’s wallet was also associated with Binance.

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This meant the transaction was an internal transfer, with Binance merely redistributing its large XRP holdings. By confirming that Binance still controls the transferred XRP, Whale Alert dispelled fears of a massive sell-off.

This case highlights how large crypto transactions often lead to market speculation, even when they turn out to be routine exchange operations.