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.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
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.
