XRP Rises 20% After Mysterious Binance Transfers as Crypto Rally Expands to Laggards | Currency News | Financial and economic news

Ripple {{XRP}}, the native cryptocurrency of the XRP Ledger payment network developed by Ripple Labs, advanced more than 20% on Monday, breaking its downtrend against bitcoin {{BTC}} as the cryptocurrency rally ends expanded.

Data from CoinDesk shows that XRP jumped sharply to $0.74 in just over an hour UTC time on Monday afternoon, marking its highest price in a year. very short-lived peak last November, amid speculation about a potential XRP ETF managed by BlackRock. Today’s 20% gain made XRP the best-performing asset in the broad CoinDesk 20 Index (CD20), which was 5% higher.

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

XRP’s rally could be a sign that traders are turning their attention and rotating some of their capital into tokens that have not yet moved as the rally in digital asset markets broadens.

Other older cryptocurrencies such as litecoin {{LTC}} and dash {{DASH}}, which have also lagged in recent months, have also surged in the past 24 hours, gaining 18% and 9% respectively. That of avalanches AVAXPolka dots POINT and that of Cardano ADAadvanced by 8-13% during the day.

XRP transfers from Binance

While there was no apparent catalyst immediately prior to XRP’s price action, large token movements from cryptocurrency exchange Binance have sparked speculation among cryptocurrency watchers.

Whale Alert blockchain data tracker noticed a transfer of 300 million XRP – worth around $187 million at the time – started from the Binance address and was deposited into an unknown wallet.

The move was then followed by a series of similar output transactions – worth 18-19 million XRP each – from Binance and deposited on different addresses.

The transactions could perhaps indicate whales – large cryptocurrency investors – accumulating XRP ahead of the rally, but they could also be due to exchanging coins to new addresses as part of internal wallet maintenance.

This story originally appeared on Coindesk

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