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92 Million XRP Withdrawn From Binance as Price Jumps – What’s Happening?

According to recent tweets published by the popular blockchain sleuth Whale Alert, which follows large cryptocurrency transfers, over the last 24 hours, there have been four massive XRP transfers as almost 160 million XRP coins exchanged hands.

These enormous transactions happened while the price of the seventh largest cryptocurrency, XRP, staged a mild 3% surge overnight.

156 million XRP on move as whales activate

The above-mentioned source of data detected four impressive crypto transactions that moved large XRP chunks. Two of them were withdrawals witnessed by the Binance exchange – 43,894,329 XRP evaluated at $20,860,666 and 48,270,270 XRP worth $23,055,620.

🚨 48,270,270 #XRP (23,055,620 USD) transferred from #Binance to unknown wallethttps://t.co/B9VMqKcqoU

— Whale Alert (@whale_alert) June 28, 2024

Both transfers were made to anonymous blockchain addresses. The first transaction happened roughly 22 hours ago, and the second one occurred almost five hours ago, according to Whale Alert. The Bithomp XRP explorer revealed that both XRP lumps were moved to crypto wallets linked to Binance. This fact likely makes them internal transfers made by this trading platform with a possible goal of redistributing its XRP holdings.

Ripple giant shovels 64 million XRP

Aside from that, the crypto tracker noticed 32,710,000 XRP getting moved to the largest Latin America-based exchange, Bitso, and 31,185,000 XRP moved to Bitstamp. These transactions carried the fiat equivalents of $15,466,399 and $14,742,502.

As for the other two XRP transfers, they were made from wallets linked to the Ripple cryptocurrency decacorn. Bitstamp and Bitso are among the crypto exchanges that collaborate with Ripple on its system of transnational payments that used to be known as On-Demand Liquidity in the past and not so long ago was rebranded as Ripple Payments.

Ripple building its stablecoin

Currently, Ripple is working on its own U.S. dollar-backed stablecoin. There is currently a $150 billion stablecoin market out there, and the crypto decacorn certainly wants a piece of that pie. Within four years, it is expected to surge as high as $2.8-$3 trillion.

In a recent interview, the company’s Middle East and Africa Managing Director Reece Merrick stated that Ripple is ready to take that important step and that this expansion is logical for it.

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