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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 13, 2024 11:33 UTC
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Bulls, Rejoice! Binance Makes $63 Million XRP Transfer; Price Surge Incoming?
Binance moved large sums of XRP (over $33 million) within its wallets, suggesting increased demand and potential recovery.
Binance's active wallets for XRP show user interest and commitment to industry standards.
XRP price rose 5.5% after the transfers, aligning with analyst predictions of a broader bull run.
With Bitcoin breaching the $50,000 milestone after a two-year hiatus and the eagerly anticipated Bitcoin halving looming just two months away, the excitement is palpable.
Amidst the bullish wave sweeping through various cryptocurrencies, one standout performer is XRP, maintaining an unwavering stability that sets it apart. Why? Wasn’t it just in the deep end just a few days ago? Let’s examine the developments below.
Power Play by Binance
Early on Tuesday, Binance, a powerhouse in the cryptocurrency exchange arena, orchestrated three substantial XRP transfers within its wallets, totaling an impressive 63,425,458 XRP, equivalent to approximately $33.9 million.
Meanwhile, these transfers included 20,634,685 XRP ($10.9 million), 21,235,383 XRP ($11.2 million), and 22,555,390 XRP ($11.9 million). However, this indicates increased demand for XRP as the cryptocurrency aims to recover from recent price declines.
Whale Alert!
The massive transfers did not escape the watchful eye of Whale Alert, a blockchain activity tracking tool. Initially shrouded in mystery as funds shifted from Binance to undisclosed wallets, the veil was lifted to reveal Binance’s deliberate orchestration of significant XRP movements.
In a strategic move, Binance not only executed transfers but also activated specific XRP addresses for its operational needs. These addresses, initiated on January 3, now serve as Binance’s active wallets, catering to the escalating demand for XRP among its user base.
Also Read: XRP Surges Amidst Settlement Talks in Ripple vs SEC Lawsuit
Transparency and Fund Security
In adherence to industry standards, Binance provides proof-of-reserve reports, ensuring customers of fund safety across diverse market conditions. This commitment to transparency is pivotal, fostering trust among cryptocurrency users.
Recovering – Slowly but Surely
Binance’s substantial XRP transfers align with a period of recovery for XRP, showcasing gains of over 5.5%, elevating its value from $0.4989 to $0.53 at the time of reporting. This steady rebound signals the initial phase of what analysts predict to be a robust bull run for the cryptocurrency.
This Might Interest You: Ripple News: Bill Morgan Organizes Event to Tackle Community Concerns Amid XRP Price Dips
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