Whale Alert Spots Massive XRP Transfer Amid Token Price Drop

• Whale Alert detected a transfer of 22,177,622 XRP from Binance to an unknown wallet.
• Ripple plans to unlock 1 billion XRP tokens, potentially impacting the market.

Whale moves have been spotted during today’s drop in the price of XRP. Whale Alert detected that 22,177,622 XRP, worth $13.85 million, had been moved from a Binance wallet to an unknown wallet.

At the time of writing, the recipient wallet contained 24.343 million XRP tokens worth $14.676 million, and there had been no other big transactions aside from receiving this transfer.

22,177,622 #XRP (13,851,771 USD) transferred from #Binance to unknown wallethttps://t.co/bmBsouKSn1

— Whale Alert (@whale_alert) August 1, 2024

Ripple Market Dynamics and Whale Activities

CNF previously highlighted another whale move, including the transfer of 23.69 million XRP from a Binance wallet to an unknown wallet. Additionally, Ripple intends to unlock 1 billion XRP tokens today, which is expected to have an impact on the market.

At the time of writing, Ripple’s token was trading around $0.6042, down 6.93% over the last 24 hours, returning to levels before it rose to $0.650 and bounced back down.

Additionally, there has been a surge in XRP whale and shark addresses. According to our prior report, the number of XRP wallets with at least 10,000 XRP has increased during the last five weeks, reaching 279,400 addresses.

This growth in whale and shark addresses could signal a growing interest in XRP among significant holders, potentially influencing future market moves.

Investors and traders will most certainly keep a close eye on these developments, especially given the large quantity of XRP being moved by whales. The impact of these huge transfers, as well as extra supply entering the market, could either stabilize or increase volatility.

Furthermore, heightened activity among significant XRP holders shows that deliberate movements are being made ahead of market developments. This trend frequently indicates that major participants are positioning themselves for future developments, which might cause huge price changes.