Ripple Transfers $59M in XRP to Binance Wallets Amid Price Rally

Ripple has made a significant transfer of XRP tokens worth approximately $59 million to Binance wallets. The transfer, which was detected by blockchain monitors on June 9, involved moving 50 million XRP tokens in batches of 2 million each to two wallet addresses associated with the cryptocurrency exchange.

The transfer is part of Ripple's On-Demand Liquidity infrastructure, which uses XRP as a bridge currency for instantaneous international payment settlements. According to blockchain evidence, the transfer methodology aligns with Ripple's standard protocols for managing its ODL service.

The price of XRP has climbed over 12% since touching $1.05 last week and is currently hovering near $1.16. Market analysts are monitoring the $0.90 support zone while eyeing $1.20 as the next potential resistance barrier.