Ripple Whale Activity Surges – 100 Million Transferred to Binance and Bitstamp

XRP's Legal Victory Fuels Speculation: MoneyGram Partnership Potential

Large holders of Ripple (XRP) and other major XRP investors are consistently moving millions of tokens. The most recent group of tokens was transferred to cryptocurrency exchanges Binance and Bitstamp just prior to the June escrow unlock event.

Shortly before Ripple’s June release of 1 billion XRP tokens, two significant XRP whale addresses transferred around 100 million XRP (equivalent to $51 million) to the cryptocurrency exchanges Bitstamp and Binance. According to findings from an on-chain investigation conducted by a news outlet, one of these whale addresses is believed to be connected to Ripple.

23M XRP Moved to Bitstamp by Ripple

Whale Alert, a prominent platform that tracks large cryptocurrency transactions, brought attention to both transactions through two distinct tweets. The initial transaction, taking place on May 31 at 20:33 (UTC), involved the transfer of 23.5 million XRP (equivalent to $12.24 million) from an unidentified address to Bitstamp.

Related article: Attorney Morgan Addresses New Settlement Rumor Between Ripple and SEC

According to on-chain data, it is indicated that Ripple was the entity behind the activation of the aforementioned unknown address, indicating a potential association with the technology company. As of now, the specific purpose of the transaction remains unknown. However, some proponents speculate that it could be related to Ripple’s internal operations or potentially be utilized for ODL (On-Demand Liquidity) purposes.

Ripple recently strengthened its relationship with Bitstamp by acquiring the shares of Bitstamp that were previously owned by Pantera Capital, an investment company based in the United States. Pantera Capital had purchased these shares for $10 million back in 2013 but subsequently sold them to Ripple in the first quarter of 2023.

75M XRP Moved to Binance

Merely two hours following the Ripple transaction, an unidentified wallet transferred 75.9 million XRP, equivalent to a value of $38.83 million, to the cryptocurrency exchange Binance.

Contrary to its label as an unknown address, data from Bithomp indicates Binance actually activated the sending address. This discovery implies that the exchange might also own the wallet itself, concluding that the transaction was likely an internal transfer within Binance’s operations.

Related also: Can Ripple (Xrp) Do a 500X Again?

The most recent transaction is not an isolated occurrence, as Binance has previously conducted large-scale whale transactions involving millions of XRP tokens. In early March, The Crypto Basic revealed that Binance transferred 34 million XRP while Ripple moved 100 million tokens to an unidentified wallet.

Ripple Escrow Released For June

The recent activities orchestrated by Ripple and Binance took place right before Ripple’s scheduled release of 1 billion XRP from escrow for the month of June. Ripple executed this release through three separate transactions involving 200 million XRP, 300 million XRP, and 500 million XRP.

As of the time of publishing, Ripple has not initiated any transfers from the recipient addresses mentioned. Typically, the company would allocate a portion of the unlocked tokens for its business operations and return the excess XRP back to escrow. Whether the recent movement of 23 million XRP is connected to Ripple’s most recent escrow, unlock or serves a different purpose is uncertain.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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