Ripple shifted roughly $50 million worth of XRP to Binance on Wednesday, according to on-chain data. The tokens moved through a Ripple subwallet before landing in Binance subwallets, and Whale Alert flagged the transaction. The transfer comes as XRP faces selling pressure.
The transfer details
On-chain data shows the funds went from a Ripple-controlled wallet to a subwallet, then to Binance. Whale Alert, which tracks large crypto moves, flagged it. The exact timing isn't clear, but the size is notable.
Selling pressure
XRP has been under pressure recently. Large deposits to exchanges often signal an intent to sell, and this one is no exception. The move adds to the bearish sentiment.
It's unclear if Ripple plans to sell the XRP or if it's for operational purposes. The market will be watching for further moves. Traders will be looking for any additional large transfers from Ripple's wallets in the coming days.
