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Binance warns about large transactions with XRP, but there is no need to worry

The crypto community has been alerted by Binance that important XRP transactions are about to occur. The notification states that the transactions will occur as part of a cleanup of wallets connected to collateral. LINK, Chainlink’s token, will also be transferred to the appropriate wallet along with XRP.

Millions of XRP to Be Moved by Binance, Here’s What’s Happening

The largest holder of XRP liquidity, according to CoinMarketCap and the portal Nomics, is Binance, which offers more than $100 million in daily trading volume and holds over 150 million XRP in reserves. Therefore, Nomics calculates that the impact of the black-and-yellow crypto behemoth on the XRP price is 30.74%.

Due to the news from last week, Binance is currently receiving a ton of attention from all angles. There are rumors that the U.S. Attorney’s Office is thinking about accusing the exchange of violating sanctions and money laundering.

Although Changpeng Zhao, the exchange’s head, and its representatives constantly denied these rumors, the harm had already been done. For instance, BNB lost more than 22% at one point and ended the week at 12%. Parallel to this, the exchange saw multi-billion dollar withdrawals, although all client payments were pretty handled. Currently, the exchange ecosystem is valued at $55 billion. It has increased by $500 million during the past 24 hours.

675 Million XRP on Move, While Price Drops 13% Within Week

On Twitter, Whale Alert announced that an astonishing quantity of XRP—nearly 700 million coins—had been transferred in the last 30 hours. The XRP price hasn’t been rising in the interim, plummeting by around 9% over the past seven days.

A total of 675 million XRP have been sent by numerous significant XRP investors and cryptocurrency exchanges, according to several blocks of tweets published by Whale Alert. In this case, the biggest transactions included lump sums of 179,500,000 and 262,413,821 XRP. Each of the other machines held 40 million coins, but only one moved 60 million.

The transfer, which held 62,300,000 XRP worth $21,734,574, was made by Bitso, a crucial Ripple partner in developing the ODL technology. As the cryptocurrency trading site has done frequently this year, the transaction was carried out within internal wallets, transferring money between its addresses.

According to information from the Bithomp XRP explorer, it also had a 40 million XRP influx from an unidentified user of the Bittrex platform. The 675 million XRP that were transferred were worth $231,714,675.

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XRP has lost over 6% since Dec. 16, printing numerous red candles and falling from $0.36609 to its current price of $0.34295. Since Dec. 14, when the Fed was expected to raise interest rates, the price of XRP has dropped more than 13% during the past week. It was increased by 50 basis points this time.

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