Ripple moved 50 million XRP, worth over $50 million, from an internal subwallet toward Binance-linked addresses, according to on-chain data flagged by Whale Alert. The transfer came as XRP closed near $1.00, its lowest daily close since November 2024, while open interest and network activity both climbed.
Whale Alert flagged a transfer of 50 million XRP worth over $50 million moving out of a Ripple-linked wallet. On-chain analysis on XRPScan showed the Ripple (50) wallet first moved the XRP to its own subwallet, raRVLN1, an internal transfer.
Ripple wallet sends XRP toward Binance
Shortly after, the same subwallet distributed coins, primarily in batches of 1,000,000 XRP per transaction, to the rBNCyN address, which XRPScan data ties to Binance. Ripple-linked wallets have sent 23 million XRP in total to the rBNCyN wallet this week, which were then moved on to Binance. The activity likely reflects an operational liquidity wallet Ripple uses for on-demand liquidity or market-making purposes.
Price hits lowest close since 2024 as long bets build
XRP closed near $1.00 on August 12, its lowest daily close since November 2024 and about 69% below its January 2025 peak near $3.30. Despite that weakness, XRP rebounded almost 1.50% to trade above $1.01, though trading volume dropped 24% over the past day.
Aggregated open interest has climbed toward $986.48 million while XRP sits near $1.01, and the long/short ratio stands at 3.095, showing traders leaning heavily long. A positive funding rate of 0.0087 supports that bias, though the source notes crowded long positions could add liquidation risk if support fails.
Network activity rises even as price stays weak
Active addresses on the XRP Ledger averaged about 35,700 per day in August, up from roughly 26,400 in July, while new addresses stayed almost unchanged near 2,260 per day. That pattern suggests existing users are becoming more active rather than a wave of new users joining the network.
XRP is trading within a descending structure with the $1.022 level as first resistance, where a break higher could open a path toward the $1.05–$1.07 zone. A decisive move below $1.00, however, could expose the token to further downside.
Sources: CoinGape, Coinpedia Fintech News, Coinpedia Fintech News
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