As a researcher observing the cryptocurrency market, I’ve noticed a significant decrease in the price of XRP over the past day. Delving into the on-chain data, it appears that the large investors, commonly known as ‘whales’, have been actively transferring their XRP holdings to exchanges.
XRP Has Witnessed A Sharp Drop Over The Last 24 Hours
In simpler terms, the value of most cryptocurrencies has been decreasing lately (bearish), and this trend worsened over the last 24 hours. However, many leading cryptos have controlled their declines, with one notable exception – XRP, which has significantly lagged behind others in performance.
The below chart shows how the coin’s recent trajectory has looked like.
After decreasing by approximately 14% over the past day, XRP is now trading at around $0.52. This decline has also caused the asset to drop over 21% from its peak of $0.66 just a few days ago.
Could it be that the underperformance of the cryptocurrency over the last day might have some clues in the on-chain data?
Whales Have Been Active On The Network Recently
Based on information from Whale Al alert’s cryptocurrency transaction monitoring service, significant transactions have been identified on the XRP network within the past day.
These transactions tend to be so substantial that they’re typically linked with the ‘whales’, significant players known for their impact on market dynamics.
Naturally, one whale can’t move the market on their own, but some number of them together can, which may be exactly what has happened today. Generally, it can be hard to say for certain what the whales’ intentions are when they make moves, but address details can sometimes carry a hint or two.
Here are the details of the first of the whale transfers from the past day:
It can be observed that a transaction of 17,940,000 XRP, approximately valued at $10.3 million at the moment of transfer, was made from an unidentified wallet to an address associated with the digital currency exchange Bitstamp.
A “non-centrally associated wallet” refers to one that isn’t linked to any recognized central platform and is most likely the individual investor’s personal address. This transaction therefore seems to indicate that the whale transferred coins from their self-managed wallet to a trading platform.
Transactions like these are often referred to as inflows from exchanges. Many investors store their assets on such platforms primarily for selling, so significant influxes of coins might signal a downward trend or bear market.
Yesterday saw three additional XRP transactions by large investors (whales) of the same type, moving a total of $37.9 million to various other platforms. It’s plausible that these transfers were not for selling purposes at all, but rather for utilizing services often offered by exchanges. Despite this, considering the price movement, it appears these actions did add some selling pressure to XRP.
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2024-10-04 14:10