A significant XRP transfer has drawn the attention of the cryptocurrency community following reports from the blockchain tracking service Whale Alert. Known for monitoring large crypto transactions, Whale Alert revealed that 40,000,000 XRP, valued at approximately $125 million at the time of the transaction, was recently deposited into Binance, the world’s leading cryptocurrency exchange.
Details of the XRP transfer
The massive XRP transaction was initiated by an unidentified wallet address, fueling speculation among crypto enthusiasts. Many interpreted the move as a bullish signal for XRP, prompting discussions on social media platforms, particularly on Whale Alert’s official X account.
However, further investigation on the XRP-focused explorer Bithomp suggests the transfer may not be as groundbreaking as initially perceived. According to Bithomp data, the anonymous wallet responsible for the deposit is linked to Binance itself. This finding indicates the transaction was likely an internal transfer as Binance reorganized its XRP holdings across different wallets.
Read also: XRP Surge: 2,300+ whale transactions in 8 hours; 500K+ new wallets on XRP Ledger
XRP maintains momentum amid market turbulence
Despite the uncertainty surrounding the 40M tokens transfer and broader crypto market decline, XRP has held its bullish grounds as it maintains a price gain of 25% in the past week. Trading at $3.14 at the time of writing, XRP rose to a high of $3.32 in the early hours of Monday. The surge represented a significant recovery following a 9.21% drop the previous day.
It bears mentioning that bitcoin (BTC), several altcoins and memecoins have recorded massive pullbacks post-inauguration of Donald Trump as the 47th president of the United States of America. BTC, which reached a new all-time high of $109,114 earlier today has dropped by almost 2% to $103,800 at the time of writing. Likewise, ether (ETH) and Binance Coin (BNB) are in red, with Solana (SOL) and Dogecoin (DOGE) plunging by nearly 10% in the past 24 hours.
On the other hand, the $TRUMP memecoin has fallen by approximately 40% in the past 24 hours, having nosedived from an all-time high of $75 to $36 at press time. The across-the-board dump is said to be a ‘sell the news’ event after the crypto market enjoyed a wave of optimism in the days leading up to the inauguration of the first pro-crypto United States president. Some market participants also flipped mini-bearish today, citing the zero mention of the word ‘crypto’ or ‘bitcoin’ by Trump in his inaugural speech.
Read also: $TRUMP: US President-elect Trump launches meme coin as price skyrocket.
Exciting days ahead for the crypto market?
Amid the short-term sell-off, the crypto market looks poised for another four years of boom given Trump’s pro-crypto stance and appointment of crypto-friendly personnel to head key regulatory bodies such as the U.S. Securities and Exchange Commission (SEC). As expected, Gary Gensler resigned as the U.S. SEC chair a few hours after Trump’s swearing-in, marking a new era for crypto regulation in the U.S. Trump has also hinted at creating a bitcoin strategic reserve for the country, further promoting BTC adoption. Together, these developments are expected to push the prices of BTC and altcoins to new heights in the coming years.
Read more: Donald Trump promises to make the U.S. “crypto capital of the planet”.
Read more: Anticipation of a new pro-crypto administration in the US boosts confidence in crypto—The Block’s Report.
Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
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