Ripple Moves $150M in XRP Coins to Binance Crypto Exchange, What’s Happening?

In major XRP news today, Ripple moved a significant amount of XRP coins to Binance crypto exchange. On-chain transaction data revealed transfers to a Ripple subwallet, followed by further transfers to Binance subwallets. The transfers coincide with the latest selling pressure on XRP price.

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Ripple Moves Almost $150M in XRP to Binance, Sparking Jitters

Whale Alert flagged a major XRP transfer that showed Ripple moved more than 99.86 million XRP coins worth almost $150 million to an unknown wallet. This sparked massive speculation in the XRP community amid a recent price drop drop in prices.

On-chain analysis on XRPScan revealed Ripple (50) wallet moved XRP to its subwallet rnU65s. This suggests an internal transfer between Ripple wallets, a day after 100 million were transferred from Ripple (1).

Shortly after the transaction, the same wallet distributed $150 million in XRP coins to rpxh7h wallet, a subwallet associated with Binance (10) wallet. The coins are currently held at rGMiNv wallet address. The wallet is associated with Binance crypto exchange.

Notably, large transfers from Ripple to crypto exchanges are usually considered selling pressure speculation. However, Ripple also tends to transfer massive XRP for operational on-demand liquidity (ODL) or market-making purposes to exchanges.

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XRP Price Under Selling Pressure

XRP price has dropped nearly 4% over the past 24 hours amid a warning by Peter Brandt and broader crypto market selloffs. The price has dropped more than 9% in two weeks, but has held above key support amid hopes of a rally ahead in the bull market.

XRP recorded almost $12 million in short liquidations in just 2 hours today, dragging the price to a 24-hour low of $1.45. The 24-hour high was $1.51. However, trading volume has increased by almost 40% over the last 24 hours.

CryptoQuant data tracked about 1.6 billion XRP flowing into Binance crypto exchange over the past 30 days. This marked the highest 30-day level since March. Meanwhile, whale outflow from Binance was 1.38 billion XRP.

If inflows continue to rise while exchange reserves increase and the price weakens, downside risk will strengthen. However, stable exchange reserves and price action could negate the selling pressure.

Derivatives markets confirmed selling activity in XRP futures, according to CoinGlass data. The total XRP futures open interest tumbled more than 6% to $3.38 billion in 24 hours.

Notably, the futures open interest in the past hour fell almost 1%. It dropped 0.63% on CME and 0.54% on Binance, with selling recorded across crypto exchanges.

To mitigate the risk of sudden liquidations during high-volatility events, traders should carefully select from the best crypto leverage trading platforms that offer advanced risk management tools.