February 1, 2024 at 03:17 AM GST updated: February 1, 2024 at 02:35 AM 1 min read News
  • Binance’s unusual $10.57 million internal XRP transfer deviates from typical patterns.
  • XRP price, though breaching support, shows resilience with potential for positive movement.
  • The undisclosed destination adds mystery, raising questions about Binance’s impact on XRP’s market.

Binance, the world’s largest cryptocurrency exchange, executed an intriguing internal transfer. This involved a substantial 20.62 million XRP tokens valued at $10.57 million. The transaction diverges from typical patterns linked to significant XRP movements, usually associated with platforms connected to Ripple Payments services.

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What distinguishes this transfer is not only its deviation from the usual channels but also the undisclosed destination of these tokens. This introduces a mysterious element to the situation. 

Initial speculation about external involvement fades as exploration of XRPL data reveals the recipient’s address associated with Binance itself. Specifically, it’s the hot wallet designated for XRP storage. This discovery suggests that the $10 million transfer is more likely an internal operation within the exchange rather than the involvement of an external whale in the cryptocurrency market.

Amidst Binance’s orchestration of these token transfers, attention naturally shifts to the dynamics of the XRP price. Recent days have seen XRP testing a pivotal support level in place since the preceding year. 

Despite a temporary breach resulting in a 1.7% decline in the XRP price, a noticeable buyer response emerges from a long wick on the price chart. This occurrence signifies demand in the area, echoing a similar event on January 23. During that time, the XRP price witnessed a 6.3% increase within the same week.

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