Bitrabo Editorial
Recent on-chain data reveals that XRP whales have been withdrawing their assets from exchanges in the past day, a positive signal for the cryptocurrency’s price.
XRP Whales’ Activity in the Last 24 Hours
Data from Whale Alert, a cryptocurrency transaction tracking service, shows a series of significant transactions on the XRP blockchain within the last day.
These transactions are sizable and likely initiated by whales, the major investors in the market who can influence the network due to their large holdings.
While the direct impact of these whale transactions on the market is uncertain, monitoring them can offer insights into investor sentiment based on address details.
One notable transaction involved the movement of 38,783,752 XRP, valued at approximately $20.5 million, from a Binance-linked wallet to an unknown address.
The transfer likely indicates a move to self-custody by the whale, suggesting a long-term holding strategy that can have a positive effect on the asset’s price.
Subsequent large transfers from Binance to unknown wallets suggest continued outflows from the exchange, totaling around $57.3 million.
However, a transfer of 28,070,000 XRP ($14.9 million) from an unknown wallet to Bitstamp could signal a potential sale, potentially exerting a downward pressure on the asset’s price.
Despite this, the overall outflows from whale transactions outweigh the inflows, indicating a net withdrawal of XRP from exchanges.
XRP Price Movement
Currently, XRP is trading at approximately $0.52, marking a significant 21% increase in value over the past week.