Binance Shuffles 120M+ XRP as Price Slumps Below $0.51

A Binance wallet recently shuffled over 120 million XRP worth more than $61.8 million within fifteen minutes amid XRP’s recent price slump below $0.51. 

Whale Alert, a renowned whale-tracking platform, spotlighted the recent development. The 120 million XRP moved across two transactions fifteen minutes apart. The first transaction saw 100 million XRP worth 51.28 million transferred to a Binance address today at 07:25 (UTC).

The sending address is a relatively new wallet, having been activated by Binance last month. Shortly after its activation, this wallet received 300 million XRP from Binance on Dec. 26, 2023. The address has been sending millions of XRP from these funds to Binance wallets.

Notably, it transferred 139 million XRP to another Binance address barely an hour after it received the 300 million XRP last month. The recent 100 million XRP movement is the latest whale transaction from the account, bringing its balance to 64 million XRP as of press time.

Meanwhile, the recipient of the 100 million XRP transaction is a well-known Binance wallet. The wallet initiates small multiple XRP movements to different destinations such as ibank, Coinbase, Upbit and Bithumb, with speculation that these transactions are for withdrawal redemptions.

A few minutes after it received the 100 million XRP, this address moved 20.62 million XRP valued at $10.57 million to an unknown address. However, data from Bithomp indicates that this unknown address was also activated by Binance, indicating an affiliation with the exchange.

While the purpose behind these transactions remains a mystery, the fact that they all involved addresses affiliated with Binance suggests they could merely be in-house fund movements geared toward account balancing purposes or redemption of withdrawal requests.

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Binance Periodic XRP Movements 

Binance periodically carries out these XRP movements without causing any substantial impact on the asset’s price. On Jan. 16, the exchange transferred over 94 million XRP to an unknown address. Last December, about 300 million XRP moved between Binance wallets and other whale addresses. 

Notably, Binance has witnessed an influx of XRP investors and increased XRP deposits into its platform of late. Investors have moved over 3.87 million XRP to Binance since Dec. 1, 2023, bringing the exchange’s XRP balance to 2.743 billion, up from 2.739 billion tokens last month. 

Meanwhile, the latest whale transactions from Binance coincides with a drop in XRP’s price. The cryptocurrency recently slumped below the $0.51 psychological threshold amid the ongoing bearish pressure, currently changing hands at $0.5030.