The Ripple network recorded massive inflows within 24 hours, as whales deposited more than 108 million XRP ($57.2 million) into on-chain wallets.
Moved by the wind of a recovering crypto market, Ripple (XRP) whales have resumed investments, transferring vast amounts of XRP tokens from exchanges to blockchain wallets. Over the past 24 hours, 108+ million XRP tokens have been transferred from the Binance crypto exchange to on-chain XRP wallets. XRP has risen alongside other cryptocurrencies amid massive accumulation by investors.
Whale Moves Over 108 Million XRP to New Wallet
Large crypto investors, popularly known as whales, have stormed the crypto market following the recent upward movement in cryptocurrencies.
Famous crypto transaction tracker Whale Alert has reported three huge transactions from one Binance account. In each transaction, the whale transfers not less than 30 million XRP tokens each time from Binance to an unknown wallet address. These three transactions were processed within an hour, triggering the attention of others as other investors and market analysts sought to find out who processed the transfers.
In the first transaction, the whale transferred about 38,783,752 XRP worth $20.4 million from a wallet address created under the Binance crypto exchange to rhWj9….XFLQkKa, newly created XRP on-chain address.
Shortly after the initial transaction, the same whale transferred 35,937,321 XRP tokens, valued at $18.94 million, to another new XRP wallet address, rfQ9EcLkU6…eN47Rk8Cvi.
A few minutes later, this whale completed the final transaction, moving 33,839,894, worth more than $17.8 million, from the same Binance account to a different address, rarG6FaeYh…gFsPn2bZKk.
While the unidentified whale was accumulating and transferring his acquired tokens, Whale Alert spotted another huge XRP transaction. However, this is a sell transaction. Another whale moved 28,070,000 XRP tokens worth approximately $15 million to the Bitstamp exchange.
XRP Price Movement
Amid the crypto market recovery, XRP has risen by over 22% within the past seven days. At press time, XRP trades at $0.53 per token.
Recently, a court case between XRP founders Ripple Labs and the U.S. Securities and Exchange Commission(SEC) has been ongoing. The SEC has revealed that a virtual meeting will be scheduled for July 18, 2024, to discuss the case of Ripple Labs further.
