Data shows an XRP whale has withdrawn $33 million in the cryptocurrency from Binance, a sign that could be bullish for the coin’s price.
XRP Whale Takes Out $33 Million From Crypto Exchange Binance
As per data from the crypto transaction tracker service Whale Alert, two sizable XRP transactions have been spotted on the chain during the past day.
The first of these transfers involved a movement of just under 50 million coins, worth around $18.8 million at the time of the transaction. Such large transfers are usually a sign of activity from either a single whale, or an entity made up of multiple large investors.
Movements from these humongous holders can sometimes have noticeable impacts on the market, but which way the price would swing depends on the intent behind their move.
Here are some additional facts regarding this transaction that may be revealing about the purpose behind it:
Details of the transfer that occurred on the Ripple blockchain | Source: Whale Alert
It looks like the sending address in the case of this XRP transaction was a wallet attached to the crypto exchange Binance. The receiver, on the other hand, was an unknown address, meaning that it was not affiliated with any known centralized platform.
Such wallets are generally personal ones, and investors usually withdraw their coins from platforms like exchanges to these addresses for holding onto them for extended periods. Thus, the whale making such an outflow transaction implies they may be bullish on the price of XRP right now.
The other large transfer today saw the movement of about 38.9 million XRP, converting to approximately $14.4 million at the price the crypto was trading when it was sent. Below are the details about this whale transaction.
The addresses seem to have been the same in both these transfers | Source: Whale Alert
Just like the other transaction, this one was also an outflow made from Binance to a personal wallet. In fact, both the sending and the receiving addresses were the exact same for the two transfers made only seven hours apart.
This suggests that the same whale was likely involved in both these transactions, and withdrew a total of $33.2 million from Binance in the past day.
If the whale indeed made these outflows with the purpose of accumulating while the prices are down, then the market could see a bullish impact from this.
The value of the crypto seems to have taken a hit during the past day | Source: XRPUSD on TradingView
At the time of writing, XRP’s price floats around $0.37, down 1% in the last week. The above chart shows the recent trend in the cryptocurrency’s value.