25 Million XRP Push From Binance, Another Whale Sell-off?

XRP is in the spotlight following some observed whale transfers in the past 24 hours. According to data from crypto analytics tracker Whale Alert, one single whale moved 25,419,259 XRP worth about $13,335,299 from Binance exchange to an unknown wallet.

🚨 25,419,259 #XRP (13,335,299 USD) transferred from #Binance to unknown wallethttps://t.co/lUNNE2c4mh

— Whale Alert (@whale_alert) June 7, 2024

XRP liquidity concerns

XRP is one of the most controversial digital currencies in the top 10 list of the most capitalized digital currencies. One of the reasons for this is that despite its robust community, trading volume and whale actions, its price has remained relatively stagnant.

The whale that transferred this 25 million XRP from Binance might be solidifying their position in the coin. While it is hard to decipher what the real plan is, buying XRP might make sense since XRP has formed an unprofitable resistance point at the $0.6 mark for some weeks now.

The whale in question is not new to the XRP ecosystem, as data from Bithomp Explorer shows. The whale account was activated on Binance back in November 2024 and, since then, it has been conducting a series of XRP transactions.

While transfers from Binance might signal a positive omen, the whale is known to always funnel XRP to other exchanges, which might also be a sell-off channel. As observed, the whale currently has a balance of 59.328 million.

XRP price action

If the XRP whale is making a purchase with the $13 million funds shuffle, it might be because the coin’s current price is considered a major discount. With this, expectations are mounting for more likely XRP buy-ups, as recorded in the past few days.

At the time of writing, XRP is changing hands for $0.5273, up by 0.15% in the past 24 hours to underscore the whale rally, alongside others spotted in the past few days, which might be helping to trigger the much-needed rebound the coin needs at this time.

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