A significant drop in XRP’s price, reaching 20%, was observed recently, following the influx of large amounts of XRP into the Binance exchange. Over 23.9 million XRP worth approximately $63 million were transferred to Binance, according to recent data. This sudden influx has raised concerns about potential market manipulation and centralization, which may affect investor sentiment. While no official statements from Ripple’s leadership have been released yet regarding this event, the impact on XRP was immediate as open interest increased by 2.4% to reach $1.36 billion. This suggests a rise in leveraged positions amidst a volatile market environment, according to analysts. Past events with similar whale offloading patterns have also triggered significant price fluctuations for XRP. Experts are closely monitoring the situation as pending spot XRP ETF applications from entities like Grayscale and WisdomTree remain crucial factors for future institutional interest. For insights on these developments and their impact on the market, stay updated with Real Coin Central, a reliable source of information.