24/7 Cryptocurrency News

XRP Slips Amid Mystery Wallet Activity and Binance Delisting

An undisclosed wallet sent 20 million XRP to Bybit, fueling speculations within the XRP community amid a price dip.
XRP Slips Amid Mystery Wallet Activity and Binance Delisting

A wallet with undisclosed ownership has moved 20 million XRP, equivalent to about $12.2 million, to the Bybit exchange. This substantial transaction has ignited a wave of speculation across the XRP community, with many pondering the rationale behind this move.

Cryptocurrency analysts are closely watching the effects of this transfer on the XRP market. Large-scale transactions like these often lead to concerns about potential market manipulation. The anonymity of the wallet’s owner adds another layer to the intrigue, leaving stakeholders and observers in a state of heightened curiosity and caution.

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XRP’s Current Market Standing

XRP’s recent performance in the market has been modest, with a slight 0.42% increase over the past month. The current trading price of XRP is $0.6159, a minor dip of 0.46% in the last 24 hours. This trend mirrors the broader cryptocurrency market, where XRP has faced significant resistance and struggled to build momentum, in contrast to some of its peers.

However, the market capitalization and 24-hour trading volume fell by 0.89% and 38.64%, respectively, to $33,421,740,393 and $873,240,889, showing falling investor interest. If the bullish momentum overcomes the negative trend and breaks through the intra-day high of $0.6258, the psychological level of $0.65 will be the next milestone. 

XRP/USD price chart

This level has historically been a powerful barrier to the price movement of XRP, and a successful break above it might draw more buyers and push the price higher.

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Binance’s Recent Delisting Adding to the Crypto Dynamics

In related news, Binance, a leading global cryptocurrency exchange, has announced delisting of several spot trading pairs linked to the British Pound, including XRP. This decision, set to take effect on December 29, adds another dimension to the evolving crypto narrative, compelling the community to pay closer attention to the market’s movements.

Read Also: Shiba Inu Leader Envisions 99.9% Token Burn as Achievable Goal

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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