XRP Whales Have Made Several Moves In Last 24 Hours, Here\'s What It Means for the Price

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.

Data from on-chain service Whale Alert shows that XRP whales have been making net withdrawals from exchanges over the last 24 hours, a sign that could be bullish for the cryptocurrency’s price.

Several XRP Whale Transactions Spotted In Last 24 Hours

As highlighted by a recent analysis from on-chain service Whale Alert, several large transactions have been spotted on the XRP blockchain in the last 24 hours.

These transactions are usually carried out by the biggest investors in the cryptocurrency market, also known as whales. Due to the large amounts of capital these holders have, their movements can carry some degree of influence on the network.

Hence, the transactions of these humongous investors are generally keeping an eye on, as they might carry some information about the sentiment among this cohort, even if they don’t directly affect the market.

However, it’s very difficult to say with any certainty what a whale transaction might imply for the asset. But, some hints can be gleaned at times from the details of the addresses involved.

The first of the whale transactions from the last 24 hours saw 38,783,752 XRP being moved across the blockchain, which was around $20.5 million at the time of the transfer. Here are the addresses that were involved in this movement:

As you can see from the above addresses, this XRP transaction went from a wallet linked to the cryptocurrency exchange Binance, to an unknown wallet.

An “unknown wallet” is one that’s not affiliated with any known centralized platform and, hence, is likely to be an investor’s wallet.

So, it would appear that the whale might have been moving a lot of coins into self-custody with this transaction.

Investors usually make these kinds of exchange outflows when they’re planning to hold onto the coins for the long term, which can naturally have a bullish effect on the price.

Interestingly, the second and third oldest whale transactions during the last day also went from the same exchange, Binance, to unknown wallets. They were also executed at about the same time as the first one, which suggests there’s a chance they were all made by the same whale.

It’s difficult to say for sure, though, since the receiving addresses were different for each. In any case, Binance saw an outflow of about $57.3 million with these transactions.

While these withdrawals could potentially be bullish for XRP, the fourth and latest whale transaction from the last 24 hours may not be so positive.

This transaction, which saw the transfer of 28,070,000 tokens ($14.9 million), went from an unknown wallet to the Bitstamp platform.

Investors usually 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 intent of selling, then the asset could feel a bearish effect.

Nevertheless, even if that’s the case, the outflows massively outweigh this inflow, meaning that exchanges have still seen withdrawals from these XRP whale transactions on the net.

XRP Price At The Moment

At the time of writing, XRP’s price is around $0.52, which shows an almost 21% increase over the last seven days.

The above is the detailed content of XRP Whales Have Made Several Moves In Last 24 Hours, Here\'s What It Means for the Price. For more information, please follow other related articles on the PHP Chinese website!