Whale Activity: Over 23 Million XRP Transferred from Binance

• Whale Alert reports a massive XRP transfer from Binance to an unknown wallet.
• Mixed reactions from users on X about the large XRP accumulation.

In the face of a suffering market, Ripple’s coin has seen considerable accumulation trades. According to a tweet from Whale Alert, 23,415,551 XRP worth $10,494,379 was transferred from a Binance wallet to an unknown wallet.

23,415,551 #XRP (10,494,379 USD) transferred from #Binance to unknown wallethttps://t.co/701bA9GG8p

— Whale Alert (@whale_alert) August 5, 2024

Mixed Reactions to Large XRP Accumulation by Anonymous Whale 

This accumulation effort by an anonymous whale comes after XRP prices fell sharply from important levels of $0.60 and $0.50. The receiving wallet currently has 32.309 million XRP tokens, indicating that this investor intends to keep the tokens for the long term.

X users have had various reactions to this improvement. Some see it as an opportunity to accumulate tokens, while others believe that XRP prices will fall even more.

Recently, CNF revealed that a popular analyst has predicted that XRP prices will fall further, citing Elliot Wave theory. The analyst anticipated that during the corrective wave, XRP prices would fall to $0.52 or lower before entering a comeback zone.

Meanwhile, at the time of writing, Ripple’s token price is about $0.447, down 17.98% over the last 24 hours. The present price is much lower than the analyst’s projection, yet there is no sign of the price decline slowing.

Furthermore, we previously reported that Ripple has released 500 million XRP from escrow into an unknown wallet. This occurred when the business issued 1 billion XRP tokens at the start of August.

The community’s diverse sentiments reflect the unpredictability and volatility of XRP’s market performance. As the scenario evolves, stakeholders are watching to see if this massive accumulation will have a beneficial impact on XRP’s price trajectory or if the downward trend will continue.