350M XRP Moved by Binance as Whales Push 528M Tokens

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Despite the constant market volatility, XRP whale activity has recently increased, as evidenced by the latest observation of movements involving 528.6M XRP within a 24-hour period. These whale transactions are consistent with recent index changes that occurred at the beginning of the asset’s resurgence.

The most recent batch’s most significant transaction was an outflow from Binance through a Binance-affiliated address to an anonymous wallet. 350 million XRP, worth $134.8 million, left Binance on Wednesday at 3:48 AM (UTC), according to Whale Alert.

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Read article: Ripple General Counsel Claims SEC Chairman Has Failed to Protect Crypto Investors Severally

The wallet address that appears to be affiliated with Binance has a staggering amount of 1.32 billion XRP, which is currently worth over $511 million due to the significant rise. Even before Binance was created in 2018 when the address was first active.

However, the first XRP whale movement entailed another exchange outflow of 33 million XRP ($12.8M). On November 15, 9:50 PM (UTC), the whale transferred the XRP tokens from Bitstamp to an unidentified wallet, according to Whale Alert.

On November 15, 9:51 PM (UTC), another Bitstamp whale movement triggered 60M XRP, or nearly $23.3M, to leave the Luxembourg-based exchange. This was the second significant XRP outflow from Bitstamp in less than a minute.

The transfer of 60M XRP from an unidentified wallet to Bitstamp on November 15, 9:51 PM (UTC), suggests that exchange inflows and outflows happened concurrently.

About 9 minutes later, an internal transfer between two Bitso addresses occurred, as 25.6M XRP ($9.9M) moved from one Bitso wallet to another Bitso wallet on November 15, 10:00 PM (UTC).

A total of 528M XRP was transferred during a short period of time. 

Read more: 1.2 Billion XRP From Ripple Locked In Escrow Without Any Token Release This Month

After whales shifted 259M+ XRP twenty-four hours ago, when the XRP surge ramped up, the aforementioned five transactions took place, making XRP the highest-gaining asset among the top twenty cryptocurrencies by valuation, as recently reported. The most recent trades occurred when XRP encountered opposition in its quest to retake the 40-cent price threshold.

XRP, which as of press time was trading at $0.38, has maintained a gain of 3% over the past day despite losing some momentum. On Tuesday, the asset tried to retake the $0.40 region but encountered strong resistance.

However, despite the recent fear surrounding the cryptocurrency industry as a whole, opinions on Ripple and XRP are still bullish. Tuesday saw the announcement of a collaboration between Ripple and MFS Africa, an interoperability hub for mobile money in Africa. As part of the partnership, MFS Africa would use Ripple’s ODL technology as the company looks to break into the African market.

Ripple seems to have received more approvals for amicus filings than the regulatory watchdog in the legal dispute with the US SEC. Recently, it was reported that Judge Torres had authorised 11 amicus filings in favour of Ripple and only 2 in favour of the SEC.

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