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- A whopping 200 million XRP was moved from Binance to an unknown wallet.
- The transfer took place after XRP rose in value by 4%.
Cryptocurrency exchange Binance (BNB) was seen moving a significant amount of Ripple (XRP) tokens on February 13, with the size of the transfers catching the attention of the community.
Are the whales playing?
While analyzing Whale Alert’s on-chain data, AMBCrypto discovered a series of high-value transactions, most recently as many as 200 million moving from Binance to “unknown wallets.”
At XRP’s typical market price, this amounts to more than $105 million.
Prior to this, Binance performed three separate transfers totaling 64.41 million XRP at approximately 6:40 AM UTC.
As of this writing, a total of $150 million worth of XRP tokens have been moved since the early morning hours.
Upon further investigation, AMBCrypto discovered that the address that received the last 200 million transfers immediately moved 4.28 million XRP to another address.
Interestingly, the receiving address was activated by Binance itself on December 21st.
As of this writing, elements of uncertainty remain regarding the actual nature of the transmission. But as with most things, speculation about whale accumulation began to circulate.
XRP moves north after a prolonged downtrend.
AMBCrypto notes with CoinMarketCap that these transfers resulted in a 4% increase in the value of XRP.
Hopes for a bullish reversal in the coin may have excited whales after some disappointment in recent weeks.
In fact, XRP was the only major cryptocurrency to post a monthly loss of around 8% at the time of this writing.
As prices fell, network fundamentals took a hit.
According to AMBCrypto’s analysis of Santiment data, the number of daily active addresses has steadily declined over the past month, and the rate of new address creation has also decreased.
Source: Santiment
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Moreover, XRP’s profit supply has declined sharply since the beginning of the year.
The lack of profitability has made investors pessimistic about payment-linked cryptocurrencies, as Weighted Sentiment has mostly sailed in negative territory in 2024.
Source: Santiment