On-chain data shows that the XRP whale was active in the previous days. Here are the destinations their movements are leading to.
XRP whales have moved massively over the past 24 hours
According to data from the Cryptocurrency Transaction Tracker service Whale alertThe past few days have seen several large XRP transactions on the blockchain.
More specifically, there have been a total of five transfers of scale attributed to whales across the network in this window. Since whale transactions involve large capital transfers, they can sometimes cause market fluctuations.
The market impact of any whale transfer depends on their intent. However, it is difficult to trace the exact motive behind any transfer. Nevertheless, the address details of a transaction can provide at least some clues about its surrounding context.
First, here are the details regarding the oldest XRP whale transfer from the previous day:
Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert
As seen above, this transaction involved the movement of 29.74 million XRP, which was worth $15.7 million at the time of the transfer. The sender was an unknown wallet, probably a whale address.
On the other hand, the receiver was a wallet connected to a well-known centralized platform: the cryptocurrency exchange Bitso. Thus, whales here deposit into the exchange from their personal addresses.
Investors usually make such transactions whenever they want to use one of the service platforms provided with the sale. As such, exchange flows can be bearish for prices.
The second-oldest whale transaction in the past 24 hours was also an exchange stream, this one towards Bitstamp. Interestingly, the sending address for this was the same as the Bitso deposit, so the same whale must have been behind both movements.
The big investor moved 27,430,000 XRP ($14.5 million) to the exchange in this second move. Obviously, if the whales make these big moves to sell, they can be a bad sign for asset prices.
Although, perhaps fortunately for XRP investors, there have also been two exchange outflows recently, which may cancel out these flows. Below are the details of the two major withdrawals.
The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert
In this move, one whale withdrew about 26.67 million XRP ($14 million) from Binance. Binance is also involved in today’s exchange outflow with another 20.85 million tokens ($10.6 million) leaving the platform.
The fifth and final transfer was the previous day’s largest of 100 million XRP ($53 million), but the move involved unknown wallets on both sides so it’s impossible to say why the move might have been made.
The reason can be anything from changing wallets to selling over-the-counter (OTC).
XRP price
XRP recovered to $0.57 earlier in the week, but it looks like the coin has lost that momentum; It is now back to $0.52.
The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView
Featured image of Wet Cloth on Charts at Unsplash.com, whale-alert.io, TradingView.com
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