Onchain data platform Whale Alert announced that XRP worth approximately $200 million was transferred to the Binance cryptocurrency exchange.

Following this development, the price of XRP rose by 9%. There is speculation that the whale’s move could have been for profit-taking purposes.

XRP Transfer Causes Concern

According to data shared by Whale Alert, an unidentified whale transferred a total of 69,300,000 XRP to the Binance exchange about two hours ago.

The value of this transfer was calculated at 175,875,867 dollars at the time of the transaction. As the community debated the reason behind this large transfer, several possibilities were raised.

Some investors speculated that the whale was anticipating a significant price increase, while others interpreted it as a profit-taking move.

Ripple-focused analytics platform Bithomp confirmed that this transfer was actually an internal transaction between Binance’s own wallets.

Additionally, the platform reported that on Monday, 800 million and 120 million XRP were withdrawn from Binance. These withdrawals were valued at 1.9 billion dollars and 283 million dollars, respectively.

Current Status of Ripple

At the time of writing, XRP is trading at $2.66, showing a 11.38% increase in the last 24 hours.

With this rise, XRP, surpassing a market value of $150 billion, has gained positive momentum despite the increase in Bitcoin dominance, presenting a promising outlook for the upcoming bull season.

If the onchain data continues to trend positively, the bull rally in Ripple is expected to accelerate, with a potential move towards the $3 level in this scenario.

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