- Two significant XRP whale addresses have recently made substantial transfers to Bitstamp and Binance.
- The transfers have coincided with Ripple’s unlocking of 1 billion tokens for June.
- On-chain investigation has hinted at a potential association between one of the whale addresses and Ripple.
Two noteworthy addresses associated with XRP whales have recently made substantial transfers of approximately 100 million XRP, equivalent to $51 million, to the popular cryptocurrency exchanges Bitstamp and Binance.
The timing of these transfers, just before Ripple’s scheduled unlocking of one billion tokens for June, has attracted attention and sparked curiosity within the crypto community.
Whale Alert Reports $12.24M in XRP Movement to Bitstamp
Whale Alert, a prominent platform specializing in tracking and reporting whale activities, brought these transactions to the forefront by highlighting them in separate tweets. The first transfer, which took place on May 31 at 20:33 (UTC), involved the movement of 23.5 million XRP, valued at $12.24 million, from an unidentified address to Bitstamp.
On-chain data analysis indicates that this enigmatic address was activated by Ripple itself, strongly suggesting a connection with the technology company.
The exact purpose of this transaction remains elusive at the time of writing. Still, proponents speculate that it may be related to Ripple’s employment of On-Demand Liquidity (ODL) or potentially serve as funding for the company’s internal operations.
$38.83M XRP Transfer to Binance An Internal Maneuver?
Two hours after the Ripple-related movement, an unidentified wallet initiated a transfer of 75.9 million XRP, with a value of $38.83 million, to Binance. Although it may appear paradoxical, data obtained from Bithomp suggests that Binance indeed activated the sending address.
This intriguing revelation leads to the plausible conclusion that the wallet might also be affiliated with the exchange, indicating that the transaction was likely an internal maneuver.
While this recent transaction captures attention due to its magnitude, it is not entirely unprecedented, considering Binance’s involvement in previous large-scale whale transfers of XRP.
Earlier this year, the exchange orchestrated a transfer of 34 million XRP when Ripple moved 100 million tokens to an unknown wallet, showcasing a pattern of significant movements within the ecosystem.
On the Flipside
- The affiliation between one of the whale addresses and Ripple is based on on-chain data analysis, which may not provide conclusive evidence of direct involvement or ownership.
- The acquisition of Bitstamp shares by Ripple from Pantera Capital, though disclosed, does not necessarily imply a direct correlation with the subsequent XRP transfer.
- While the movement of millions of XRP tokens by Binance has occurred in the past, it is essential to highlight that these transfers may not always signify significant market implications, as they could be part of Binance’s internal operations or account management.
Why This Matters
The recent movement of substantial amounts of XRP by prominent whale addresses to leading cryptocurrency exchanges, Bitstamp and Binance, raises intriguing questions about Ripple’s activities and potential developments within the ecosystem.
These transactions, combined with Ripple’s growing ties with these exchanges, provide valuable insights into the dynamics of the digital asset landscape and pique the interest of crypto enthusiasts seeking a deeper understanding of the industry’s evolving landscape.
To learn more about the recent court battle resolution that led to XRP breaking the $0.50 level, read here:
XRP Breaks $0.50 Level Ahead of Court Battle Resolution
To delve into the two highest address activity spikes in XRP’s history, read here:
Sourced from dailycoin.com.
Written by on 2023-06-01 15:00:00.
