Over 70 Million Ripple (XRP) Tokens on the Move: What You Need to Know
Massive movements of a large number of XRP tokens have been taking place throughout the past 24 hours, and many are wondering what’s their purpose.
In total, over 70 million worth of XRP has been on the move, part of it going out of known Binance addresses.
The first one saw 28,218,783 XRP worth around $13.5 million (at the time of the transaction) transferred from Binance.
The second one saw 26,234,427 XRP worth around $12.4M transferred from the exchange.
The last one saw 30,820,000 XRP worth around $14.9 million moved from an unknown wallet.
All three of these transactions were flagged by the popular bot – Whale Alert on X.
Where Did All That XRP Go?
That’s the question that everyone is asking. Well, the first two transactions, totaling around 54 million tokens, both went into two addresses that had been previously activated by Binance itself. Therefore, it’s highly likely that this is an internal operation initiated perhaps out of security reasons. It’s entirely possible that Binance has been moving the funds to cold storage or to different addresses following a security protocol.
The third transaction – the one worth almost $15 million – was made from an account that had been previously activated by Ripple back in 2022. It was sent to the cryptocurrency exchange Bitstamp.
This is a standard procedure. For years, Ripple has been sending XRP to Bitstamp and other cryptocurrency exchanges to liquidate. In other words, there is nothing out of the ordinary and this doesn’t seem like any cause of concern.
The post Over 70 Million Ripple (XRP) Tokens on the Move: What You Need to Know appeared first on CryptoPotato.
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