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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
03/11/2024

Ripple (XRP) Surges 20% Following Token Withdrawals from Binance

On-chain data reveals that XRP spiked to $0.74 in just over an hour on March 11, marking its highest price level since November last year. Ripple (XRP) surged 20% following token withdrawals from Binance While the catalyst behind XRP's price action remains unclear, some have attributed it to recent large-scale token movements. Specifically, according to Whale Alert on March 8, a wallet transferred 300 million XRP (approximately $187 million at the time) from Binance to an undisclosed wallet.

Ripple (XRP) Surges 20% Following Token Withdrawals from Binance

On-chain data reveals that XRP spiked to $0.74 in just over an hour on March 11, marking its highest price level since November last year.

Ripple (XRP) surged 20% following token withdrawals from Binance

While the catalyst behind XRP's price action remains unclear, some have attributed it to recent large-scale token movements.

Specifically, according to Whale Alert on March 8, a wallet transferred 300 million XRP (approximately $187 million at the time) from Binance to an undisclosed wallet.

Subsequently, on March 11, XRP outflows continued from Binance through similar withdrawal transactions, averaging 18-19 million XRP per transaction to various addresses.

These transactions suggest that whales may be either reallocating or accumulating XRP, or it could be a case of exchanges moving funds to new storage addresses.

XRP's rise on March 11, coinciding with Bitcoin setting a new all-time high above $72,000, propelled XRP into the top 20 coins with the most significant positive growth. However, Ripple has seen a more subdued performance, up only 17% since the beginning of the year, significantly lower than Bitcoin's 64% increase.