Bitrabo Editorial
Recent on-chain data reveals significant XRP outflows by whales from Binance, sparking optimism for the asset’s price trajectory.
XRP Whale Transactions in the Last 24 Hours
Highlighted by Whale Alert, substantial XRP transactions were observed on the network over the past day, typically associated with whale activity. Whales, large investors capable of moving substantial sums swiftly, can influence asset prices.
These recent movements by major holders suggest potential insight into investor sentiment, even if the immediate impact on the cryptocurrency market remains uncertain.
The latest transfer involved 26,440,906 XRP, equivalent to almost $13.2 million at the time of the transaction.
The intent behind such moves is often ambiguous, but address details may provide clues. Notably, the sending address in this transfer was linked to Binance, with the receiver being an unknown wallet.
Such transfers from exchanges to unknown wallets, termed exchange outflows, often indicate investors withdrawing from centralized platforms, potentially influencing a bullish uptrend in price.
Another sizeable transaction saw a substantial outflow of 30,406,274 XRP (about $15 million) from Binance, reinforcing positive market sentiment for the cryptocurrency.
Conversely, a less bullish exchange inflow was detected, with an investor depositing 30,320,000 XRP ($15 million) on the Bitstamp platform, potentially signaling a bearish outlook in price. Despite this inflow, overall, a net amount of the asset has left exchange custody in the past day.
XRP Price Movement
XRP has witnessed a 4% decline over the past week, leading to a price dip to $0.50.