Massive XRP Exodus: Over 100 Million XRP Transferred to Mystery Wallet on Binance
The Whale Alert community tracker has identified substantial movements of XRP tokens from Binance to unknown destinations in the past few hours. Initially, 50,307,383 XRP worth $26,081,749 was transferred from Binance to an XRP wallet with the initials “rarG6FaeYh” on May 31 at 23:40 (UTC).
Just an hour later, another 50,307,376 XRP, also valued at over $26.08 million, was moved from Binance to another anonymous wallet. In total, 100,614,759 XRP valued at $52,125,759 was transferred from Binance to two anonymous wallets, as reported by Whale Alert.
Read Also: Market Analyst Forecasts Shiba Inu To Double in Value As Tightening Coil Pattern Emerges
Unmasking the Mystery of the Anonymous Wallet
Upon analyzing the blockchain data, it was observed that two unidentified XRP wallets were activated by Binance exactly five months ago. The transaction history for each wallet reveals a pattern of frequent, small-scale transfers to various platforms, often occurring within minutes of each other. Additionally, Whale Alert noted a total of 58,190,000 XRP being transferred from undisclosed wallets to the centralized exchanges Bitstamp and Bitso on Thursday.
On the same day, the U.S.-based exchange Kraken transferred 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This particular transfer gained significant attention, with the Whale Alert tweet receiving 150K interactions.
Notably, these significant XRP transfers coincided with a decline in XRP’s price to $0.5136 on the same day. In the past two days, significant XRP movements have occurred involving major exchanges as XRP’s value declined, with a total of 421,380,644 XRP tokens being transferred.
Ripple to Join the Trend
Looking ahead, Ripple is expected to initiate further XRP movements in the next few hours by releasing 1 billion XRP from escrow at the beginning of June. However, this release has not been documented by Whale Alert yet.
Typically, after such an escrow release, Ripple re-escrows 800 million XRP and utilizes the remaining 200 million for operational expenses. This pattern was evident on May 13 and May 20 when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.
Read Also: Cardano Sets Sights on $0.60: Will It Make the Leap With This Crucial Support?
Follow us on Twitter, Facebook, Telegram, and Google News.
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
