Ripple transferred 50 million XRP worth more than $50 million to Binance through subwallet transfers on Aug. 13, with on-chain data showing 23 million XRP moved to Binance-associated addresses this week. XRP held above $1 at $1.01, down 0.5 percent, while futures open interest climbed to $2.72 billion.
Ripple transferred 50 million XRP worth more than $50 million to Binance on Aug. 13, on-chain data shows, as the token held above $1 after a weekly decline of more than 7 percent.
Whale Alert flagged the initial transfer from Ripple's wallet to subwallet raRVLN1, which XRPScan data confirmed as an internal move. The subwallet then distributed the tokens in batches of roughly 1 million XRP per transaction to rBNCyN, an address associated with Binance.
The Ripple-linked wallet has sent 23 million XRP to the rBNCyN address this week, which then forwarded funds to Binance (11). The wallet is likely used for operational liquidity, on-demand liquidity or market-making purposes, according to XRPScan data.
XRP traded at $1.01 at 08:18 UTC, down 0.5 percent on the day, with a 24-hour range of $1.00 to $1.02. Trading volume fell 24 percent over the past 24 hours to $1 billion, while total futures open interest climbed 0.75 percent to $2.72 billion, CoinGlass data shows. The 4-hour open interest rebounded 0.74 percent, with gains on Binance, OKX and Bybit offsetting a 1.18 percent drop on CME.
XRP rebounded nearly 1.5 percent to trade above $1.01 as whale wallets and network activity rose, according to CoinGape data. The token's market capitalization stood at $63.4 billion with a circulating supply of 62.7 billion tokens, ranking it sixth among cryptocurrencies.
The transfers come as Ripple pushes forward with the XRP Ledger upgrade, with the FixCleanup proposal advancing through validator voting. The upgrade aims to improve network efficiency and could strengthen the case for broader institutional use of the XRP Ledger.
Large transfers from Ripple to centralized exchanges are often viewed as a precursor to token sales, which could add selling pressure to XRP. However, the wallet activity may also reflect routine operational flows for Ripple's on-demand liquidity service, which uses XRP as a bridge asset for cross-border payments.
The token has held above the $1 psychological level while attempting to break out of a descending channel pattern. A sustained move above $1.02 could open the path toward higher resistance levels, while a break below $1.00 would likely trigger further downside. Derivatives data shows buyers stepping in on major exchanges, with open interest rising on Binance, OKX and Bybit even as CME saw outflows.
This article is for informational purposes only and does not constitute investment advice.
