What you need to know

Over the past 24 hours there has been massive movement of a large number of XRP tokens and many are wondering what their purpose is.

In total, more than 70 million XRP have been moved, some of them leaving Binance’s known addresses.

The first saw 28,218,783 XRP worth around $13.5 million (at the time of the transaction) transferred from Binance.

The second saw 26,234,427 XRP worth about $12.4 million transferred from the exchange.

The latest saw 30,820,000 XRP worth about $14.9 million moved from an unknown wallet.

All three of these transactions were flagged by the popular bot: Whale Alert on X.

Where did all that XRP go?

This is the question everyone is asking. Well, the first two transactions, totaling around 54 million tokens, both went into two addresses that had been previously activated by Binance itself. Therefore, it is highly likely that this is an internal operation initiated perhaps for security reasons. It is entirely possible that Binance has been moving the funds to cold storage or different addresses following a security protocol.

The third transaction, the one worth almost $15 million, was made from an account that had previously been activated by Ripple in 2022. It was sent to the Bitstamp cryptocurrency exchange.

This is standard procedure. For years, Ripple has been sending XRP to Bitstamp and other cryptocurrency exchanges for settlement. In other words, there is nothing out of the ordinary and this does not seem like a cause for concern.

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