Gamza Khanzadaev
Unexplained XRP millions exit world’s largest exchange amid price stability
As revealed thanks to a report from Whale Alert, 19.21 million XRP, equivalent to a value of $10.01 million, have been withdrawn from the world’s largest crypto exchange, Binance, to an unknown address.
Traditionally, withdrawals from exchanges are considered a bullish signal for a token. Large investors are believed to buy cryptocurrency on liquid platforms and then withdraw it for storage in their own wallets. Given the scale of the transfer, let’s try to understand what is behind it.
Diving deeper into the data, we can learn that the address “rDAE” listed by the exchange transferred millions of tokens to “rarG6” in one tranche. The second address is not new and was at one time, at the beginning of the year, activated also by withdrawal from Binance. It now holds 23.993 million XRP, equivalent to just over $12 million.
Reviewing the activity on this wallet, you can see that withdrawals from it are extremely frequent in various directions. This may indicate that the address belongs to the same Binance or some other centralized platform.
As the saying goes, if it walks like a duck, quacks like a duck and looks like a duck, it is most likely a duck.
As of today, the XRP price is trading at $0.528 per token, maintaining a consistent range between $0.48 and $0.56 since the beginning of April. This stability comes despite periodic bursts of trading activity. According to U.Today, these surges in activity have seen trading volumes increase by more than 60% yesterday, highlighting ongoing investor interest in the popular cryptocurrency.