XRP Jumps 20% After Mysterious Binance Transfers as Crypto Rally Expands to Laggards

Ripple

(XRP),
the
native
cryptocurrency
of
the
XRP
Ledger
payment
network
developed
by
Ripple
Labs,
advanced
over
20%
Monday,
snapping
its
downtrend
versus
bitcoin

(BTC)
as
the
crypto
rally
broadened.

CoinDesk
data
shows
that
XRP
sharply
jumped
to
$0.74
in
a
little
more
than
an
hour
Monday
afternoon
UTC
time,
notching
its
highest
price
since
a

very
short-lived
spike
last
November
amid
speculation
about
a
potential

BlackRock-managed
XRP
ETF.
Today’s
20%
gain
made
XRP
the
best-performing
asset
in
the
broad-market
CoinDesk
20
Index
(CD20),
which
was
higher
by
5%.

While
bitcoin
had
already
broken
record
highs
and
some
corners
of
the
crypto
space
such
as
meme
coins
and
artificial-intelligence
(AI)
tokens
experienced
exorbitant
gains,
XRP
had
so
far
been
notably
absent
from
the
action.
When
measured
against
bitcoin,
XRP
prior
to
today’s
move
had
slid
to
a
3-year
low,
TradingView
data
shows.
Even
with
this
afternoon’s
big
jump,
XRP
is
now
only
up
17%
year-to-date,
substantially
underperforming
BTC’s
64%
advance
and
the
broad-market
CoinDesk
20
Index
54%
gain.

XRP’s
rally
could
be
a
sign
of
traders
turning
their
attention
and
rotating
some
of
their
capital
to
tokens
that
haven’t
moved
yet
as
the
rally
on
digital
asset
markets
broadens.

Other
older
cryptocurrencies
such
as
litecoin

(LTC)
and
dash

(DASH),
which
too
had
been
laggards
over
the
past
months,
also
surged
over
the
past
24
hours,
gaining
18%
and
9%,
respectively.
Avalanche’s

AVAX,
Polkadot’s

DOT
and
Cardano’s

ADA,
advanced
8-13%
during
the
day.

While
there
wasn’t
any
apparent
catalyst
immediately
before
XRP’s
price
action,
large
token
movements
from
crypto
exchange
Binance
sparked
speculations
among
crypto
observers.

Blockchain
data
tracker
Whale
Alert

noted
a
transfer
of
300
million
XRP
–
worth
some
$187
million
at
the
time
–
leaving
Binance’s
address
and
deposited
into
an
unknown
wallet.

The
transfer
was
then
followed
by
a
series
of

similar

outbound

transactions
–
worth
18-19
million
XRP
each
–
from
Binance
and
deposited
to
different
addresses.

The
transactions
could
perhaps
indicate
whales
–
large
crypto
investors
–
accumulating
XRP
before
the
move
up,
but
may
also
be
due
to
the
exchange
shifting
coins
to
new
addresses
as
part
of
an
internal
wallet
maintenance.