XRP News: Whales continue to dominate headlines with recent massive transfers stirring market speculation. In a notable development, an unknown wallet has moved 95 million XRP, equivalent to nearly $50 million, to Binance. This transaction, detected by WhaleAlert, has reignited discussions about the potential impacts of large-scale movements on XRP price.

XRP Whales Resume Dumping Amid Price Volatility

According to WhaleAlert, the early hours of Saturday witnessed a significant transaction involving an XRP whale. An unknown wallet, initially activated by Binance, transferred 95 million XRP to a wallet tagged under Binance’s address. This event occurred at 04:48 UTC, with XRP trading at $0.5229 per coin, placing the transaction value close to $50 million.

On-chain data further reveals that this is not the first instance of large-scale transfers between these two wallets. Previously, on August 29, a transaction of 60 million XRP was recorded from the same wallet, valuing approximately $39 million at that time.

This pattern of recurrent, high-volume transactions between familiar wallets suggests a potential strategic management of funds within Binance or by a closely associated entity.

Binance-Activated Wallets in Focus

Investigation into the sending wallet’s history through Bithomp highlights its significant role in XRP transfers. Activated on December 21, 2023, the wallet has engaged in numerous transactions involving substantial amounts of XRP. Just prior to this latest transfer, on August 21, the XRP whale sent 33 million XRP worth nearly $19.81 million to the same Binance-tagged address.

The pattern of transfers, coupled with the wallet’s initial activation by Binance, strongly indicates an affiliation with the exchange. Whether these transfers are internal reallocations or external transactions remains subject to speculation. 

In addition, CoinGape revealed on September 6 that 100 million XRP, valued at $54 million, was transferred from Ripple to an unidentified wallet. This transaction has drawn attention from crypto followers, especially in light of recent Ripple vs. SEC lawsuit potential appeal.

In a recent XRP news, the US SEC agreed with Ripple’s request to seek a stay on the $125 million penalty, fueling more speculations in the market.

XRP News: Market Impact and Future Movements

The ongoing movements by XRP whales continue to impact market dynamics significantly. Each large transaction sways market sentiment, influencing the Ripple token stability. With the price nearing a critical support level around $0.50, the actions of whales are under scrutiny for signs of sustained selling pressure.

At the time of writing, the XRP price has experienced volatility, with a noticeable dip to $0.5276, marking a 1.75% decrease over the last 24 hours.

The post XRP Whales Resume Dumping Amid SEC Appeal Woes, Is $0.50 Next? appeared first on CoinGape.

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Filed under: News - @ September 7, 2024 10:27 am