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New Delhi [India], February 5: In the world of cryptocurrencies, where price volatility is a common occurrence, XRP has recently faced a significant challenge as its price dipped below the $0.5 mark. This drop in value has raised questions and concerns among XRP holders, especially in light of the ongoing legal battles between Ripple Labs and the SEC. Amid this uncertainty, an intriguing development has emerged, with holders turning their attention to Retik Finance (RETIK), a rising star in the DeFi space.

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Binance's Unusual XRP Movements

One of the recent events that caught the attention of the crypto community was the sudden movement of XRP on Binance, one of the largest cryptocurrency exchanges globally. In just 15 minutes, approximately 120 million XRP, valued at over $61.8 million, was transferred within two transactions. The first transaction occurred at 07:25 (UTC) when 100 million XRP, worth about $51.28 million, was transferred to a Binance address. What makes this address intriguing is that it was activated by Binance only a month ago. Shortly after activation, Binance deposited a significant sum of 300 million XRP into this wallet on December 26, 2023. After receiving the 100 million XRP, this address initiated another transaction, sending 20.62 million XRP, valued at $10.57 million, to an unknown address. What's noteworthy is that this wallet has been consistently moving portions of these funds to different Binance wallets. While the exact purpose behind these transactions remains a mystery, the involvement of Binance-related addresses suggests the possibility of in-house fund manoeuvres.In a separate and equally surprising move, an unknown wallet, identified as "r4wf7....h4Rzn," transferred a substantial 29 million XRP, equivalent to approximately $15 million, to Bitstamp, another major cryptocurrency exchange. This unexpected transfer raised speculation and discussions within the crypto community. Pro-XRP lawyer Bill Morgan weighed in on XRP's performance compared to other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). He expressed deep concern over XRP's significant decline, despite gaining legal clarity following the SEC's decision in July 2023. XRP's struggle to maintain positive price momentum has raised questions about its long-term value in comparison to other prominent cryptocurrencies.

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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)