Key facts
- Ripple transferred 50 million XRP, valued at over $50 million, to Binance.
- The transfers involved Ripple's internal subwallets before reaching Binance.
- XRP price has fallen over 7% in the past week.
- XRP price rebounded to trade above $1.01.
- XRP futures open interest increased by over 0.75% in 24 hours.
Ripple has transferred a substantial amount of XRP, estimated to be 50 million coins worth over $50 million, to the Binance cryptocurrency exchange. On-chain data indicates that Ripple first moved the XRP to its own subwallet before further transfers were made to wallets associated with Binance. This activity occurred amidst a recent downturn in XRP's price, which has seen a decline of over 7% in the past week.
Despite the price pressure, XRP saw a slight rebound, trading above $1.01. The XRP Ledger upgrade was also mentioned as a recent development. Data from CoinGlass suggests increased buying activity in the derivatives market, with XRP futures open interest climbing by more than 0.75% in 24 hours to $2.72 billion. Trading volume, however, has decreased by 24% over the same period.