XRP Whales Are On The Move, What Are They Up To?
January 31 2024 - 1:30PM
NEWSBTC
On-chain data shows the XRP whales have made some moves in the past
day. Here’s what these humongous entities have been up to. XRP
Whales Have Made Some Exchange-Related Transfers During Past Day
According to data from the on-chain transaction tracker service
Whale Alert, three large transactions have been spotted on the XRP
network during the last 24 hours. The first of these transfers
involved the movement of about 28.7 million XRP across the
blockchain, worth around $14.7 million when the transaction went
through. Related Reading: Bitcoin Miner Selloff Poses “Negligible
Impact”, Quant Argues Given the scale of the move, it’s likely that
a whale entity was behind it. Owing to their large holdings, the
whales can be influential beings on the network, so their moves can
be worth following, as they may cause noticeable fluctuations in
the market. What a whale’s transfer may imply for the
cryptocurrency depends on the intent behind it. Below are the
details regarding this first XRP whale transfer, which may shed
some light on its context. Looks like this transfer only needed a
negligible fee of 0.000015 XRP to go through on the network |
Source: Whale Alert As is visible above, the sending address in the
case of this XRP whale transaction was an unknown wallet. At the
same time, the receiver was an address attached to the
cryptocurrency exchange Bitstamp. “Unknown wallets” refer to
addresses unaffiliated with any known central entity. As such, they
are generally the investors’ personal, self-custodial wallets. In
this transfer, it would appear that the whale shifted their coins
from their address to Bitstamp, suggesting they wanted to use one
of the platform’s services. This can include selling, although it’s
not a certainty. If the whale was looking to sell, the transfer
could naturally have bearish consequences for the asset. Just like
this transfer, the second one from the last 24 hours was also an
exchange inflow, this time towards Binance. The second whale
transaction from the past day | Source: Whale Alert This
transaction involved an amount of 100 million XRP ($51.3 million),
making it almost four times the size of the previous one. This may
be a troublesome sign for the cryptocurrency if these whales sell
here. However, the third and the latest of the whale transactions
could offset a bit of negative effect (if any) that may arise out
of these exchange inflows. The final large transaction from the
last 24 hours | Source: Whale Alert Unlike the other two whale
transactions, this is an exchange outflow transaction, going out of
Binance and toward an unknown wallet. A closer inspection of the
addresses involved reveals that the same Binance address took part
in both this and the second transfer. Related Reading: These Crypto
Asset Classes Could Be Future Market Drivers: Santiment This could
suggest that the whale who made the large deposit to Binance has
now made this withdrawal. The investor has only withdrawn 20.6
million XRP ($10.5 million), which is significantly less than the
amount they deposited earlier. XRP Price XRP has dived around 5% in
the past day, and the coin’s price is now floating around $0.5.
Given this trend, it’s possible that at least some of the amount
the whales deposited today was for selling. The price of the asset
appears to have taken a plunge today | Source: XRPUSD on
TradingView Featured image from Swanson Chan on Unsplash.com, chart
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