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Whales shifting millions of XRP tokens to Binance

TL;DR

  • XRP whale’s Binance transfer sparks profit-taking speculation.
  • Messari’s report shows a surge in XRP Ledger’s NFTs.
  • XRP ecosystem resilient, transactions surge despite uncertainty.

In the latest development within the cryptocurrency market, a significant movement of XRP tokens has caught the attention of investors and enthusiasts alike. A notable XRP whale transferred 25.82 million XRP tokens, valued at approximately USD 13.56 million, from an undisclosed wallet to Binance, the leading cryptocurrency exchange globally by trading volume. 

The transfer, reported by Whale Alert, a service monitoring large cryptocurrency transactions, has prompted speculation within the community.

Speculation surrounding whale activity

The transfer of such a substantial amount of XRP tokens has sparked curiosity among cryptocurrency enthusiasts, with many speculating about the motive behind the move. While the exact reason remains undisclosed, analysts suggest that profit-taking might be a driving factor. This speculation aligns with recent market trends, as XRP closed its third consecutive day of gains on February 9th, reaching highs of $0.528 before a slight decline.

The possibility of the whale preparing to sell or trade XRP tokens on Binance has gained traction within the community. Binance’s robust liquidity and high trading volume make it an attractive platform for large-scale transactions. 

However, without official confirmation from the whale or further insight into their intentions, the exact motive behind the transfer remains speculative.

Insights from Messari’s Q4 report for XRP ledger

In tandem with this notable transaction, on-chain analytics firm Messari has released an insightful report detailing the performance of the XRP Ledger during the fourth quarter of 2023. The report provides valuable insights into various metrics, shedding light on the growth and development of the XRP ecosystem.

According to Messari’s findings, non-fungible token (NFT) activity on the XRP Ledger experienced a remarkable surge during the fourth quarter. NFT mints increased by 491% quarter-on-quarter (QoQ), with total NFT transactions rising by 170% QoQ. Notably, there were 3.4 million NFT mints in Q4’23, representing over half of all mints since the introduction of the XLS-20 standard in 2022.

Furthermore, the report highlights significant growth in the market capitalization of tokens on the XRP Ledger, which climbed by 47% QoQ to reach $169 million. Sologenic’s SOLO token maintained its position as the largest token by market capitalization. Additionally, XRP’s market capitalization surged by 21% QoQ and 97% year-on-year (YoY), driven in part by positive developments surrounding the Ripple SEC lawsuit.

Transactions on the XRP Ledger also witnessed a notable increase, rising by 23% QoQ. This uptick was primarily attributed to a surge in payments in December, particularly for inscription-related activities. 

The report further highlights ongoing development efforts, including advancements in Hooks, Xahau, the EVM sidechain, the DID (XLS-40d), and the XLS-38d bridge, alongside the AMM proposal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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