Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Over 70 Million Ripple (XRP) Tokens on the Move: What You Need to Know

Over 70 Million Ripple (XRP) Tokens on the Move: What You Need to Know

CryptopotatoCryptopotato2024/06/24 18:49
By:Author: George Georgiev

Over 70 million XRP is on the move. Where is it going to?

Massive movements of a large number of XRP tokens have been taking place throughout the past 24 hours, and many are wondering what’s their purpose.

In total, over 70 million worth of XRP has been on the move, part of it going out of known Binance addresses.

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

The second one saw 26,234,427 XRP worth around $12.4M transferred from the exchange.

The last one saw 30,820,000 XRP worth around $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?

That’s the question that 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’s highly likely that this is an internal operation initiated perhaps out of security reasons. It’s entirely possible that Binance has been moving the funds to cold storage or to different addresses following a security protocol.

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

This is a standard procedure. For years, Ripple has been sending XRP to Bitstamp and other cryptocurrency exchanges to liquidate. In other words, there is nothing out of the ordinary and this doesn’t seem like any cause of concern.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Key global market data will be released this week, including the U.S. non-farm payroll report, CPI inflation data, and the Bank of Japan's interest rate decision, all of which will significantly impact market liquidity. Bitcoin prices are fluctuating due to macroeconomic factors, while institutions such as Coinbase and HashKey are striving to break through via innovation and public listings. Summary generated by Mars AI This summary was generated by the Mars AI model. Its accuracy and completeness are still being iteratively improved.

MarsBit2025/12/15 05:05
This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

The Federal Reserve is cutting interest rates and starting bond purchases, while Japan and other regions may turn to rate hikes. Silver repeatedly hits record highs, SpaceX is set for a 1.5 trillion IPO, and Oracle becomes the litmus test for the AI bubble. The Russia-Ukraine peace process is stuck on territorial issues, the US seizes a Venezuelan oil tanker... What exciting market events did you miss this week?

Jin102025/12/15 03:34
Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

Key Highlights to Watch at Solana Breakpoint 2025

How does Solana seize market share in an increasingly competitive landscape?

Chaincatcher2025/12/15 03:33
Key Highlights to Watch at Solana Breakpoint 2025
© 2025 Bitget