Network data shows that XRP whales have been active during the past day. Here are the destinations your moves are heading to.
XRP whales moved large amounts in the last 24 hours
According to data from the cryptocurrency transaction tracking service Whale alertseveral large XRP transactions have been witnessed on the blockchain over the past day.
More specifically, five transfers in total, the scale of which is often attributed to the whales occurred on the network within this window. Since whale transactions involve the transfer of a significant amount of capital, they can sometimes cause market fluctuations.
The implications that any whale transfer may have for the market depend on its intent. However, the exact purpose behind any transfer can be difficult to determine. However, the address details of the transaction can provide at least some insight into the context surrounding it.
First, here are the details on the previous day’s oldest XRP whale transfer:
Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert
As visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of transfer. The sender was an unknown wallet, probably the address of a whale.
On the other hand, the receiver was a wallet attached to a well-known centralized platform: the cryptocurrency exchange Bitso. So, the whale here made a deposit on the exchange from his personal address.
Investors usually carry out these transactions whenever they wish to use one of the service platforms they offer, including sales. As such, foreign exchange inflows may prove bearish for the price.
The second oldest whale transaction in the last 24 hours was also an exchange entry, this one for Bit stamp. Interestingly, the shipping address for this was the same as the Bitso deposit, so the same whale was likely behind both moves.
The large investor transferred 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made large selling moves, this could be a bad sign for the asset’s price.
Although, perhaps fortunately for XRP investors, there have also been two exchange outflows recently, which could offset these inflows. Below are details of the two larger withdrawals.
The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert
In this movement, a whale withdrew around 26.67 million XRP ($14 million) from Binance. Today’s exchange exit also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.
The fifth and final transfer was the largest of the previous day, with a staggering 100 million XRP ($53 million), but this move involved unknown wallets on both sides, so it is impossible to say why the move would have been made.
The reason could have been anything from a portfolio change to selling through over-the-counter (OTC) means.
XRP Price
XRP recovered to $0.57 at the start of the week, but it appears the coin has lost that progress; it’s back to $0.52 now.
The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView
Featured image by Ole Kloth on Unsplash.com, whale-alert.io, chart from TradingView.com
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