In a significant development for the cryptocurrency market, XRP has surged by an astonishing 73% following Judge Analisa Torres’ ruling that it is not a security. This landmark decision has invigorated the Ripple community and fueled a rapid price increase, prompting significant movements among investors.
Amidst the price surge, one investor, known only as an unidentified whale, has taken decisive action by withdrawing over 535,000 Ripple tokens from the prominent cryptocurrency exchange, Binance. The move has raised eyebrows and captured the attention of the blockchain surveillance system Lookonchain, which first brought this intriguing development to public knowledge.
Binance Smart Chain data supports Lookonchain’s findings, providing valuable insights into the whale’s recent trade activity. The latest transaction involved the withdrawal of 536,571 Ripple tokens (equivalent to $461,224 at the time) from Binance at 5:14 (UTC).
This is the first recorded XRP movement from the whale’s address in over two months. The last transaction occurred on May 15 when the unidentified entity withdrew 233,138 XRP ($190,889) from Binance while XRP was consolidating between $0.41 and $0.43.
Whale’s Historic XRP Transactions
However, it’s worth noting that the most substantial Ripple token transaction involving this whale took place last year. On December 13, 2022, whale moved a staggering 1.2 million XRP, worth $984,424 at the time, from Binance when XRP was experiencing bearish consolidation below $0.35.
With the recent influx, the cumulative amount of Ripple withdrawn by this whale from Binance now stands at 1.972 million XRP, with a total value of $1.636 million based on current rates. The whale has yet to sell its Ripple holdings and currently holds a balance of 1.999 million XRP.
This balance represents the whale’s largest holding, and according to Lookonchain, the address is currently enjoying an unrealized profit of about $640,000 from its Ripple investment.
Investors often withdraw their assets from exchanges to hold them for an extended period. Amidst the price uptick, the whale’s decision to withdraw its Ripple tokens from Binance could indicate a resurgence of optimism in the market.
Speculations suggest that the whale address might be preparing to hold even more Ripple tokens, potentially in anticipation of a more significant rally in the future. Additionally, these tokens could signify assets recently acquired by the enigmatic investor through Binance.
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