A huge transfer of 40 million XRP, worth approximately $124.7 million, was spotted moving to the Binance exchange
Due to this big move, there is a stir in the crypto market. Many experts in the crypto community speculated that this move can lead to an increase in the price of XRP, especially due to the large size of transactions.
However, the analysis by Bithomp, a tool that tracks XRP wallets, says that the wallet sending the XRP is linked to Binance itself. This means the transaction was likely an internal transfer within the exchange rather than a deposit from the eternal party.
Despite this, XRP’s price still experienced a significant jump. It has reached $3.29 from $2.92 to $3.29, which is 12% high. After the initial spike, the price settled around $3.34, which was still higher than before the transaction was noticed.