XRP Drops Amid Mystery Wallet Activity and Binance Delisting

An anonymous wallet has transferred 20 million XRP, valued at approximately $12.2 million, to the Bybit exchange. This substantial transaction has ignited a wave of speculation across the XRP community, with many pondering the rationale behind this move.

Cryptocurrency analysts are closely watching the effects of this transfer on the XRP market. Large-scale transactions like these often lead to concerns about potential market manipulation. The anonymity of the wallet’s owner adds another layer to the intrigue, leaving stakeholders and observers in a state of heightened curiosity and caution.

XRP’s Current Market Standing

XRP’s recent performance in the market has been modest, with a slight 0.42% increase over the past month. The current trading price of XRP is $0.6159, a minor dip of 0.46% in the last 24 hours. This trend mirrors the broader cryptocurrency market, where XRP has faced significant resistance and struggled to build momentum, in contrast to some of its peers.

However, the market capitalization and 24-hour trading volume fell by 0.89% and 38.64%, respectively, to $33,421,740,393 and $873,240,889, showing falling investor interest. If the bullish momentum overcomes the negative trend and breaks through the intra-day high of $0.6258, the psychological level of $0.65 will be the next milestone. 

XRP/USD price chart

This level has historically been a powerful barrier to the price movement of XRP, and a successful break above it might draw more buyers and push the price higher.

Binance’s Recent Delisting Adding to the Crypto Dynamics

In related news, Binance, a leading global cryptocurrency exchange, has announced delisting of several spot trading pairs linked to the British Pound, including XRP. This decision, set to take effect on December 29, adds another dimension to the evolving crypto narrative, compelling the community to pay closer attention to the market’s movements.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.