Blockchain sleuth Whale Alert has detected two significant transactions originating from Binance, the leading cryptocurrency exchange. Each transaction involved just over 50 million XRP, the seventh-largest digital currency by market capitalization, according to CoinMarketCap. These movements occurred as XRP's price was attempting a breakout.

The transfers, each carrying 50,307,376 and 50,307,383 XRP and valued at approximately $26 million in fiat, were made within an hour of each other. These transactions might indicate crypto whales buying XRP during a price dip, as the coin was striving to surpass the $0.52590 level on the chart.

On May 30, XRP experienced a sharp drop, with a large red candle on the hourly chart pushing the price down by 2.17%. Since then, XRP, the seventh-largest cryptocurrency, has been working to recover its lost value.

Mysterious XRP Buyer Unveiled

Data from Bithomp's XRP explorer reveals that the blockchain addresses receiving these tens of millions of XRP are associated with Binance itself. This suggests that the transactions were likely internal asset redistributions conducted by the crypto trading giant.

Additionally, on May 30, Whale Alert reported an even larger transaction involving 262,575,885 XRP moved from Kraken, a leading US exchange, to an anonymous blockchain wallet. Such substantial withdrawals from exchanges often occur for various reasons, including internal rearrangements of crypto holdings or significant purchases. In this case, it appears that a whale, whose identity remains undisclosed, moved approximately $137,276,075 worth of XRP into cold storage for long-term holding.