Significant on-chain activity involving XRP and the prominent exchange Binance has captured the attention of the cryptocurrency community, hinting at renewed investor interest as the token attempts to climb out of its persistent slump.
Early Tuesday morning, blockchain data revealed three large XRP transfers within Binance’s internal wallets totaling 64.4 million XRP, equivalent to roughly $34 million. Initially flagged by the popular tracking tool Whale Alert as transfers out of Binance, further investigation clarified that the millions of tokens remained within the exchange.
Read Also: Prominent Analyst Predicts XRP Rebound After Whales Move Millions of XRP
These activated addresses, operational since January 3, serve as hot wallets facilitating customer transactions. The money was moved in three transactions, with the exchange sending 20,634,685 XRP ($10.9 million), 21,235,383 XRP ($11.2 million), and 22,555,390 XRP ($11.9 million).
Transaction trails originating from these addresses demonstrate diverse user activity, including transfers to other exchanges like Bybit, Bitso, and Upbit, as well as payment platforms like Payeer and prediction service Stake.com. While some transactions represent internal movement within Binance, others suggest user withdrawals to cold storage wallets for long-term holding.
This transparency is a hallmark of blockchain technology, offering users a level of visibility into asset movement, which is absent in traditional financial systems. Additionally, Binance, like many exchanges, provides regular proof-of-reserve reports to assure customers of their assets’ safety regardless of market volatility.
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An XRP Upswing
Beyond the internal transfers, the timing of this activity coincides with a nascent recovery for XRP. While not perfectly mirroring the broader cryptocurrency market, XRP investors have newfound reasons for optimism.
Over the past week, the token has gained 4.01%. This upward trend aligns with some analysts’ predictions of a potential bull run for XRP soon. However, the digital asset is still trading at the $0.52 region, a price point that has caused commotion within the community.
Read Also: XRP Massive Pump Coming? Analyst Spots Historically Bullish Golden Cross
It’s crucial to note that market movements are unpredictable, and past performance does not always predict future results. Investors should conduct thorough research and due diligence before investing.
A prominent analyst recently predicted that XRP is ready for an upswing. With Binance’s recent movements and the renewed surge, XRP might be on the brink of that upswing. The next few weeks will be crucial, as investors watch to see if the crypto asset can maintain this positive trend, or if it will dip below $0.5 again.
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