As an experienced crypto investor who has been through multiple market cycles, I can’t help but notice the recent activity of XRP whales and its potential impact on the asset’s price. The large-scale transfers to exchanges observed over the past day by entities associated with whale addresses have raised some eyebrows.
Recent on-chain activity indicates that large XRP holders, often referred to as “whales,” have been transferring their assets to cryptocurrency exchanges. Such a trend might suggest potential downward pressure on the coin’s price.
XRP Whales Have Made Several Large Moves In The Past Day
Based on information from the cryptocurrency transaction monitoring service Whale Alert, some significant activities have been noticed in the XRP network over the last 24 hours.
As an analyst, I observe these actions carry such magnitude that they echo the presence of the colossal figures in the blockchain world, often referred to as ‘whales,’ who wield a substantial portion of the circulating supply.
Due to their substantial assets, these investors have a natural ability to sway the market, so it’s wise to keep an eye on their activities. However, deciphering a whale’s intentions behind a particular transaction can be challenging, as blockchain data offers a degree of confidentiality.
Despite the specific types of addresses being transferred, some clues may occasionally surface. Over the past 24 hours, there have been three notable transactions involving these distinctive addresses, which could be referred to as “whale” transfers.
Below are the details for the earliest of them.
Looking at the details here, I recently observed a transfer of approximately 26.8 million XRP, valued around $15.3 million at the moment of the transaction. This transaction originated from an unidentified wallet, implying that it wasn’t connected to any recognized centralized platform.
Instead of that particular wallet, however, the recipient was linked to a different type of system – the digital currency trading platform, Bitstamp. Such transactions moving from personal wallets to exchanges are commonly referred to as incoming exchange deposits.
Typically, individuals put their digital assets (coins) into these systems to take advantage of the services offered, including selling. Consequently, substantial inflows to exchanges might suggest a bearish trend for XRP.
Two additional transactions involving whales, related to exchanges and occurring yesterday, share a common characteristic with this one: they all represent inflows into exchanges. The older of these two transactions saw a whale transferring approximately 19.4 million tokens worth around $11 million to the Bitso exchange.
It’s noteworthy that the sending address for this transaction aligns perfectly with the one observed in transactions coming into Bitstamp.
It’s possible that the two deposits were made by the same whale. However, this recent transaction was sent from a distinct address, suggesting it might not be linked to the previous ones, as it went towards Binance.
Additionally, this particular deposit is the largest among the three, containing approximately 60 million XRP, or around $34.2 million. It’s been transferred to wallets associated with the platform. Whether these ‘whales’ are intending to sell remains uncertain, but if they do, the asset’s value could potentially decrease due to their sell-off.
There was also a fourth whale transaction on the network in this window, but the 92.1 million XRP ($52.1 million) move was made between two unknown wallets, so it’s impossible to comment on its purpose.
XRP Price
At the time of writing, XRP is trading around $0.57, down more than 4% over the past week.
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2024-08-30 06:40