A significant deposit of XRP , valued at approximately $124.79 million, has been transferred to Binance, the world’s largest cryptocurrency exchange, according to Whale Alert, a leading blockchain tracking service. Whale Alert reported that an enormous transfer of 40,000,000 XRP, worth around $124,788,255, was made to Binance in a single transaction. The transfer, completed about two days ago, came from an unidentified blockchain address. The crypto community has widely speculated that the transfer could signal a bullish move for the token. However, further analysis from Bithomp, an XRP-focused blockchain explorer, has revealed that the wallet responsible for the transfer is closely linked to Binance. This suggests that the transfer could be part of Binance’s internal reshuffling of its XRP holdings, rather than a new external deposit. This type of internal movement is common for large exchanges as they manage and distribute funds across different wallets. The asset’s value has experienced a significant increase in recent times, climbing more than 12% from $2.92 to $3.29 in just a few hours. As of the latest data , the cryptocurrency is trading at $3.11, reflecting a slight drop from its peak. The timing of the surge appears to align with a broader upward trend in the cryptocurrency market, especially as Bitcoin reached a new all-time high of $109,114 earlier on January 20th. The movements in the market suggest that the token’s price is closely following the trends of Bitcoin, the largest cryptocurrency by market capitalization. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Ripple CTO Comments on SEC Changes Ripple’s Chief Technology Officer (CTO), David Schwartz, also made headlines over the weekend with his remarks on the departure of Gary Gensler from his role as Chairman of the U.S. Securities and Exchange Commission (SEC). Schwartz responded to an inquiry from a member of the XRP community, who questioned whether Gensler’s departure would lead to the rise of a new “enemy of crypto.” In his response, Schwartz suggested that the crypto community might not face another strong adversary in the SEC. He cautioned that if no new challenges emerge, crypto enthusiasts could turn on each other, which he advised against. Schwartz encouraged the community to focus on external threats rather than internal disputes. In conclusion, while the massive XRP transfer to Binance has sparked speculation about market movements, it remains unclear whether it will have lasting implications on the price of the token. However, the cryptocurrency has seen a significant price increase, aligning with the broader trend in the market, particularly following Bitcoin’s rise. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post $124 Million In XRP Stuns Binance appeared first on Times Tabloid .
