BREAKING: Ripple Moves XRP to Binance After $50M Subwallet Transfers

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. This comes amid selling pressure in XRP price.

Ripple Moves Some XRP to Binance, Sparking Jitters

Whale Alert flagged a major XRP transfer that highlighted Ripple moving 50 million XRP worth over $50 million. This sparked massive speculation within the XRP community amid a recent drop in price.

On-chain analysis on XRPScan revealed Ripple (50) wallet moved XRP to its subwallet raRVLN1. This indicates it is an internal transfer.

However, shortly after the transaction, the same wallet distributed some coins, primarily 1,000,000 XRP per transaction, to rBNCyN wallet address. The wallet is associated with Binance crypto exchange.

Notably, the Ripple-linked wallet has also sent 23 million XRP in total to rBNCyN wallet this week, which were then transferred to Binance (11).

On-chain data from XRPScan showed the Ripple subwallet executed multiple XRP transfers to these Binance-associated wallets. This is likely a Ripple operational liquidity wallet used for on-demand liquidity (ODL) or market making purposes.

Will XRP Price Witness Further Pullback or Rally?

XRP price has dropped 0.5% despite Ripple’s push for XRP Ledger upgrade. The price has dropped more than 7% in a week, but has held above $1 in hopes of a breakout above the descending channel.

XRP rebounded almost 1.50% to trade above $1.01 today amid rising whale wallets and network activity. The 24-hour low and high are $1. and $1.02, respectively. However, trading volume has decreased by 24% over the last 24 hours.

However, CoinGlass data shows buying activity in the derivatives market. The total XRP futures open interest climbed more than 0.75% in 24 hours to $2.72 billion.

Notably, the 4-hour futures open interest has rebounded 0.74%. It dropped 1.18% on CME, but jumped on Binance, OKX, Bybit and other crypto exchanges.

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