Binance’s Massive 63 Million XRP Transfer Sparks Surge, Price Rockets to $0.53
The post Binance’s Massive 63 Million XRP Transfer Sparks Surge, Price Rockets to $0.53 appeared first on Coinpedia Fintech News
Amidst the dynamic changes in the crypto market, where Bitcoin has surpassed $50,000 for the first time in over two years and the eagerly awaited Bitcoin halving is approaching in two months, excitement is building.
While many cryptocurrencies are benefiting from the bullish trend, XRP stands out for maintaining a stable and consistent pace.
33.9M XRP Transfers by Binance
Early on Tuesday, Binance, a major player in the cryptocurrency exchange realm, executed three major XRP transfers among its wallets, amounting to 63,425,458 XRP, equivalent to about $33.9 million.
Meanwhile, these transfers included 20,634,685 XRP ($10.9 million), 21,235,383 XRP ($11.2 million), and 22,555,390 XRP ($11.9 million). However, this indicates increased demand for XRP as the cryptocurrency aims to recover from recent price declines.
This significant transfer caught the eye of Whale Alert, a tool that tracks blockchain activities. Initially seen as mysterious transfers from Binance to unknown wallets, it turned out that Binance was behind these significant movements of XRP.
Eventually, they not only made these transfers but also activated specific XRP addresses for their purposes. These addresses, activated on January 3, now act as Binance’s active wallets, responding to the increasing demand for XRP among its users.
Transparency and Fund Security
Binance, aligning with industry standards, furnishes proof-of-reserve reports, assuring customers of fund safety under various market conditions. This commitment to transparency is crucial in fostering trust among cryptocurrency users, especially as the market experiences dynamic shifts.
XRP’s Path to Recovery
Binance’s significant XRP transfers coincided with a period of recovery for XRP, reflecting gains over the past week.
XRP has seen an increase of over 5.5%, rising from $0.4989 to $0.53 at the time of writing. This gradual recovery marks the preliminary phase of what many analysts anticipate will be a substantial bull run for the cryptocurrency.