Recently, Whale Alert, a renowned blockchain tracker, reported that anonymous whales moved two massive XRP chunks from Binance, the world’s largest crypto exchange, within the past 24 hours. These mysterious transactions have sparked excitement and puzzlement within the XRP community, evident in the comments on Whale Alert’s tweets. Despite a significant price decline, XRP has begun attempts to recover.
Whale Alert disclosed that anonymous whales moved two large XRP transactions from Binance to unknown blockchain addresses, involving 26,234,427 XRP and 28,218,783 XRP. These XRP chunks were valued at $12,389,973 and $13,455,894, respectively, at the time of transfer. Over the past few months, Binance has witnessed these large-scale XRP withdrawals nearly every week, with few exceptions.
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Increased Activity Among Whales
Besides, regular large XRP deposits have been hitting top exchanges like Bitso and Bitstamp, with tens of millions of XRP landing on these trading platforms. These frequent transfers have intensified in recent weeks, highlighting whales’ growing activity with the XRP coin, which is associated with Ripple.
Related article: XRP Price Below $0.50 Following Ripple’s 250M XRP Transfer
Over the last 24 hours, XRP, the seventh-largest coin by market capitalization, plunged more than 4%, dropping from $0.48864 to $0.46806. However, in the past few hours, XRP has managed to recover nearly 2% from that loss and is now trading at $0.47732. This drop in XRP followed a decline in Bitcoin, the cryptocurrency market leader.
Bitcoin’s Impact on XRP’s Price
Bitcoin plummeted from above $64,000 to around $62,300 over the last 24 hours. Miners have been selling millions of dollars worth of BTC since the halving in mid-April, which cut block rewards by 50% to 3.125 BTC per block, resulting in 450 BTC per day of mining. This significant sell-off by miners has impacted the broader cryptocurrency market, including XRP.
Whale activity in the XRP market is intensifying, with significant transactions from Binance to unknown addresses. This comes amid a broader market decline influenced by Bitcoin’s price drop. However, XRP shows signs of recovery as it attempts to regain its footing.
