Whether it is a bull trap as some crypto pundits claim or it is just an organic pump after a prolonged winter season, several whales and the largest cryptocurrency exchange by 24-hour volume, Binance, shook the XRP market via the movements of millions of the utility token after XRP price retested a high of $0.4 on Monday.
According to the popular blockchain analytics and crypto transactions tracking platform, Whale Alert, a total of 429,311,362 XRP has been shifted in the last 24 hours. This movement was recorded after XRP saw a long green candle today which peaked at $0.4064.
Among the entities that contributed to this large circulation of XRP is the Binance exchange. The leading blockchain ecosystem and digital assets exchange facilitated the shifting of a whopping 94,311,362 XRP in one transaction worth $37,988,531 from an unknown user wallet to an external wallet.
— Whale Alert (@whale_alert) January 16, 2023
But in the first and largest XRP movement in the series, Whale Alert reported a transfer of 209 million XRP from an unknown wallet to another unknown wallet. This transaction was worth $80,989,827 at the time of execution.
— Whale Alert (@whale_alert) January 15, 2023
Per Whale Alert’s updates, an inflow of 97 million XRP was recorded by the Bitstamp exchange today, in three transactions of varying volumes. In one of the transactions, an unknown whale wallet transferred 32 million XRP valued at $12,308,974 into the exchange. In another transaction, 30 million XRP flowed into Bitstamp while 35 million XRP worth about $13.5 million was moved from another unidentified wallet into the exchange.
Meanwhile, the Bitso exchange was not left out in today’s XRP shufflings. The tracking platform also spotted a transfer of 29 million XRP worth $11,084,363 at the time of execution from a Bitso user to an external wallet.
Interest in the Ripple-linked crypto asset grew as the price of XRP surged alongside the recent notable crypto rally that took bitcoin (BTC) above $21,000 for the first time since November 2022.