Binance Detects 100,614,759 XRP Flowing to Anonymous Wallets

The first transaction involved 50,307,383 XRP transferred from Binance to an XRP wallet starting with “rarG6FaeYh.” This transaction occurred on May 31 at 23:40 (UTC), precisely 20 minutes before the new moon. At the time of the transaction, the XRP assets in motion were valued at $26,081,749.

100 Million XRP Moved Out of Binance Just an hour later, another 50,307,376 XRP (valued at over $26 million) were moved from Binance to another anonymous wallet. Overall, Whale Alert recorded a total of 100,614,759 XRP (worth $52,125,759) transferred from Binance to two anonymous wallets.

Close Examination of Anonymous Wallets An inspection of blockchain data suggests that the two unidentified XRP wallets may be linked to well-known cryptocurrency exchanges. Specifically, Binance had activated these two wallets five months prior.

Moreover, the transaction history of each wallet shows a pattern of frequent small-scale transfers to different platforms, occurring within minutes of each other.

421 Million XRP Moved in Two Days Meanwhile, Binance is not the only prominent trading platform where significant XRP movements have been observed.

On Thursday, the tracking service Whale Alert noted a total of 58,190,000 XRP transferred from undisclosed wallets to centralized exchanges Bitstamp and Bitso.

On the same day, the well-known U.S. exchange Kraken transferred 262,575,885 XRP in a single transaction to an unknown wallet, valued at over $137 million. This transfer caught the community’s attention, with Whale Alert’s tweet garnering 150,000 interactions.

Interestingly, these substantial XRP transfers coincided with the price of XRP dropping to $0.5136 on the same day.

Essentially, over the past two days, as the value of XRP declined, there were significant shifts in XRP holdings at major exchanges, totaling 421,380,644 XRP tokens.

Ripple to Join the Trend Meanwhile, the cryptocurrency market is expected to witness more XRP movements in the coming hours, this time from the well-known cryptocurrency payment company Ripple. Ripple is anticipated to release 1 billion XRP from its escrow account at the beginning of June. However, Whale Alert has not yet recorded this unlock.

Typically, after such escrow releases, Ripple re-escrows 800 million XRP and uses the remaining 200 million for operational expenses. This pattern was evident on May 13 and May 20, when Ripple transferred 150 million and 50 million XRP, respectively, to external wallets.

Sentiment: Negative