As revealed thanks to a report from Whale Alert, over 33.33 million XRP left the world's largest crypto exchange, Binance, in an unknown direction over an hour ago for an unknown destination.
Diving into the details of the transfer, it appears that XRP tokens worth a combined value of $16.28 million were withdrawn from the address identified as the Binance address to the address "rhWj9." The latter is known, according to the Bithomp explorer, to have been activated earlier this year, with a transfer of nearly 4.17 million XRP, also from Binance.
🚨 33,333,329 #XRP (16,280,840 USD) transferred from #Binance to unknown wallethttps://t.co/gMDUEtuiWW
— Whale Alert (@whale_alert) April 16, 2024
However, there is no concrete information about the owner of this wallet. After the latest transfer was made to the account, some of the XRP tokens were further distributed to a number of other platforms, including Stake, Bithumb and Upbit. Interestingly, the latter two are the top crypto exchanges in South Korea. At the moment, just under 32 million XRP remain at the "rhWj9" address.
XRP price outlook
As millions of XRP move between exchanges and unknown addresses, the price of the seventh largest cryptocurrency is experiencing significant price fluctuations. After a 30% drop since Friday and a further 23% rebound, XRP has been under renewed selling pressure for the past two days and, as a result, is now quoted at less than half a dollar per token at $0.49.
While conventional wisdom often views withdrawals from exchanges as a bullish indicator, the true impact on XRP's price trajectory remains shrouded in speculation. Only time will unveil the cryptic intentions behind this mysterious whale activity and its influence on the market.
