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Crypto Whales Stir the Waters: Massive XRP Movements Detected

Two Mysterious XRP Whale Addresses Withdraw 40 Million XRP Worth Over $20 Million from Binance

Feb 21, 2024
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Unusual XRP activity sparks speculation as Ripple CEO talks ETFs.

On February 21, two enigmatic XRP whale addresses withdrew from Binance a total of nearly 40 million XRP, valued at over $20 million. Interestingly, these withdrawals occurred within the same minute interval, exhibiting strikingly similar patterns.

The alert regarding this activity was flagged by the Whale Alert account on Twitter, catching the attention of cryptocurrency observers. Remarkably, the purported actions of two XRP whales unfolded within a mere three-second timeframe.

The first address, identified as 'rfQ9E...k8Cvi', withdrew 19.90 million XRP (equivalent to $10.75 million) to an account activated on January 3, 2024. Subsequently, 'rarG6...2bZKk' initiated an 18.54 million XRP ($10.01 million) withdrawal, activated on the same day as its counterpart.

The synchronized nature of their activation dates and the substantial withdrawals strongly imply a connection between these mysterious XRP whales. Furthermore, both accounts exhibit a pattern of sending activities to similar destinations, all within short time intervals.

In parallel, Ripple recently liquidated 60 million XRP ($32 million) from the surplus 100 million tokens held in a dormant whale address.

Meanwhile, XRP is currently trading at $0.539, reflecting a notable downtrend against the dollar in the daily chart. Interestingly, this contrasts with the bullish bias exhibited by the mysterious XRP whale activity, suggesting significant accumulation intentions.

Amidst these developments, Brad Garlinghouse, CEO of Ripple, shared insights during an interview with Bloomberg on February 20, expressing openness to an XRP ETF. However, it's crucial to clarify that this statement does not confirm the imminent launch of an XRP ETF. Rather, Garlinghouse emphasized the potential benefits of such a financial product for both the crypto and finance markets, indicating Ripple's interest as a major XRP holder. He also advocated for the proliferation of ETFs covering various tokens.

Despite the remarks from Brad Garlinghouse and the substantial whale activity, XRP's price failed to experience significant upward momentum. The cryptocurrency continues to grapple with challenges stemming from Ripple's monthly token dumps, underscoring persistent supply-side pressures.

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