XRP Whales on the Move: 33M Coins Transferred to Binance as Price Drops

• 33 million XRP valued at $19.73 million transferred to Binance.
• This follows a series of earlier movements from exchanges.
• Market speculation grows as XRP experiences significant transfers.

A significant transfer of 33 million XRP, worth roughly $19.73 million, happened on the XRP Ledger earlier today, occurring at the same time as an ongoing correction in XRP’s price. Blockchain transaction monitoring service Whale Alert flagged the transfer in an X post.

The transfer, which took place at 07:04:02 UTC, moved the substantial amount from an unknown wallet to Binance, the world’s largest cryptocurrency exchange. This transaction is the latest in a series of large XRP movements that caught investors’ attention since this month.

The reason for the transfer remains a mystery, leaving market watchers to wonder whether the move was intended for immediate trading or other strategic reasons. This comes after a string of large XRP movements in August.

Previously, 25 million XRP, valued at $15 million, was transferred from an unidentified wallet to the Bitstamp exchange. This latest massive inflow of XRP to the exchange follows a similar amount of tokens deposited to Bitstamp between August 18 and 19, totaling 51 million XRP worth approximately $30 million.

Meanwhile, last Friday, a staggering 104 million XRP, valued at over $58 million, was transferred in a single transaction on August 16.

Yet, more major transfers occurred on August 4, when over 196 million XRP, valued at nearly $100 million, was moved in multiple transactions in one day. It involved various entities like Binance, Bitstamp, and an anonymous player.

Specifically, that transfer included 95.6 million XRP moved between two anonymous wallets and 71.5 million XRP drained from Binance in three separate transactions. The timing of these massive transfers coincided with a sharp 19% drop in XRP’s price, which fell to $0.4335.

The mass transaction of XRP in August led to divided opinions among analysts. Some suggested that institutional investors might be repositioning their assets in anticipation of market shifts, while others feared these transfers were a prelude to a large-scale sell-off. 

Meanwhile, the community’s reactions to this latest alert suggest traders and investors are wary that XRP’s price could drop soon. Yesterday, XRP rallied to $0.614, growing by over 8%, but is currently correcting these gains, trading at $0.59 at press time.