On-chain data shows the XRP whales have made net exchange withdrawals during the past day, a sign that could be bullish for the asset’s price.
XRP Whales Have Made Several Moves In Last 24 Hours
According to data from the cryptocurrency transaction tracker service Whale Alert, several large transactions have been spotted on the XRP blockchain during the past day.
All of these transfers happen to be of a scale generally associated with the whales, the largest investors in the market. Because these holders have the power to make such large moves, they can carry some degree of influence on the network.
As such, the transactions of these humongous investors can be worth keeping an eye on, as even if they don’t affect the market directly, they may still carry information about the sentiment among this cohort.
Usually, though, it’s hard to say with any certainty about what a whale transaction implies for the asset. Nonetheless, address details can sometimes provide a few hints.
The first of the whale transactions from the past day saw the movement of 38,783,752 XRP across the blockchain, worth around $20.5 million when the transfer was executed. Here are the addresses involved in this move:
Looks like this move only required a negligible fee of 0.003 XRP to go through | Source: Whale Alert
As is visible above, this XRP transaction went from a wallet attached to the cryptocurrency exchange Binance, to an unknown wallet. An “unknown wallet” refers to an address not affiliated with any known centralized platform and, thus, is likely to be an investor’s wallet.
As such, it would appear that the whale has taken many coins off to self-custody with this move. Investors generally make exchange outflows like this one when they plan to hold into the long term, which can naturally have a bullish effect on the price.
Interestingly, the second and third oldest whale transactions during the past day also went from the same exchange, Binance, to unknown wallets. They were also executed at about the same time as the first one, suggesting that there is the possibility that they were all made by the same whale.
It’s hard to say for sure, though, given that the receiving addresses differed for each. In any case, Binance saw an outflow of around $57.3 million with these transactions.
While these withdrawals can potentially be bullish for XRP, the fourth and the latest whale transactions from the past day may not be so positive. This move, which saw the transfer of 28,070,000 tokens ($14.9 million), went from an unknown wallet to the Bitstamp platform.
This transfer appears to have been an exchange inflow | Source: Whale Alert
Investors transfer to exchanges when they want to use one of the services they provide, which can include selling. If the whale, in this case, made the transaction with the intention of selling, then the asset could feel a bearish effect.
Nonetheless, even if it’s the case, the outflows significantly outweigh this inflow, meaning that exchanges have still seen withdrawals from these XRP whale transactions on the net.
XRP Price
At the time of writing, XRP is trading around $0.52, up almost 21% over the last seven days.
The price of the coin seems to have rallied during the past few days | Source: XRPUSD on TradingView
Featured image from Dall-E, whale-alert.io, chart from TradingView.com