Cryptocurrency exchange giant Binance made a bit of a headline by transferring a substantial amount of XRP tokens—200 million to be exact. The massive amount of the transfer has made nearly everyone in the crypto community come up with guesses as XRP tallied notable 4% increase in value following the transfer, which added an extra layer of intrigue to the situation.

The recent struggles of XRP, reflected in its monthly losses and declining network fundamentals, have created an air of uncertainty around the coin. Santiment data analyzed by NewsBTC indicates a steady drop in daily active addresses and a decrease in the rate of new address creation over the past month. Additionally, XRP’s supply in profit has seen a sharp decline since the beginning of the year.

Source: Santiment

Whale Alert Detects Binance XRP Movement

Investors’ pessimism about the payment-linked cryptocurrency has been further accentuated by the lack of profitability, evident in the consistently negative Weighted Sentiment for XRP in 2024. As the crypto market evolves, these factors contribute to the dynamic landscape and impact the sentiments of investors and market participants.