• Binance’s unusual $10.57 million internal XRP transfer deviates from typical patterns.
  • XRP price, though breaching support, shows resilience with potential for positive movement.
  • The undisclosed destination adds mystery, raising questions about Binance’s impact on XRP’s market.

Binance, the world’s largest cryptocurrency exchange, executed an intriguing internal transfer. This involved a substantial 20.62 million XRP tokens valued at $10.57 million. The transaction diverges from typical patterns linked to significant XRP movements, usually associated with platforms connected to Ripple Payments services.

Read CRYPTONEWSLAND on Google News google news

What distinguishes this transfer is not only its deviation from the usual channels but also the undisclosed destination of these tokens. This introduces a mysterious element to the situation. 

Initial speculation about external involvement fades as exploration of XRPL data reveals the recipient’s address associated with Binance itself. Specifically, it’s the hot wallet designated for XRP storage. This discovery suggests that the $10 million transfer is more likely an internal operation within the exchange rather than the involvement of an external whale in the cryptocurrency market.

Amidst Binance’s orchestration of these token transfers, attention naturally shifts to the dynamics of the XRP price. Recent days have seen XRP testing a pivotal support level in place since the preceding year. 

Despite a temporary breach resulting in a 1.7% decline in the XRP price, a noticeable buyer response emerges from a long wick on the price chart. This occurrence signifies demand in the area, echoing a similar event on January 23. During that time, the XRP price witnessed a 6.3% increase within the same week.

Read also:

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.