Ripple Transfers Over $152 Million in XRP to Binance After 600M Coins Shuffle

Ripple made another XRP transfer worth millions to a wallet linked to crypto exchange Binance on Thursday. This comes despite a bullish outlook by analysts amid continuous inflows into spot XRP ETFs.

Ripple Moves Over 75 Million XRP Coins to Binance

On December 12, Whale Alert reported a 75,316,328 transfer from Ripple to a wallet linked to Binance crypto exchange. The transaction is worth $152.98 million at the current market price.

The transfer initiated from Ripple (50) wallet to its subwallet “rnU65s.” The XRP coins then moved to 75,316,328 to “rpxh7h,” a wallet activated by Binance (10). The massive over $152 million transaction drew the crypto community’s attention, sparking speculation of a potential XRP price pullback.

Whale Alert highlighted another 90 million XRP transfer worth almost $185 million. However, on-chain analysis confirmed internal transfers between eToro subwallets.

Notably, these wallet movements followed massive reorganization of its wallets by Ripple. Over 600 million XRP coins were moved to subwallets and new wallets on Thursday.

Meanwhile, spot XRP ETF recorded $16.42 million in inflows on Thursday, according to SoSoValue data. The net inflows to date approach $1 billion, with the 21Shares XRP ETF (TOXR) joining other ETFs.

Will XRP Price Tank Below $2 Again?

As CoinGape reported, Ripple moved XRP coins worth over $101 million to Binance last week. In the next few hours of the transfer, the price fell more than 5%.

Notably, the crypto asset has been moving in a descending channel since October. XRP price failed to sustain a breakout for a rally towards $3 due to the October 10 crypto market crash. Analysts predicted a potential rally towards $2.75 if the price breaks above $2.28.

At the time of writing, XRP price is trading at 1.70% higher at $2.04 in the past few hours, following a slight rebound. The intraday lows and highs are $1.98 and $2.05, respectively. Furthermore, trading volume has dropped by 30% over the last 24 hours, indicating a lack of interest among traders.

Meanwhile, CoinGlass data revealed that total XRP futures open interest decreased over the last few hours. The 24-hour total futures open interest also tumbled 0.33% to $3.69 billion. The XRP futures open interest on CME and Binance are up 2% and 0.41% at press time.

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