The concentration of whale movements occurred shortly after XRP got rejected at the $0.40 level.
Binance recently moved 94M+ XRP, as the XRP community witnessed a concentration of whale transactions. A few hours before the Binance movement, other whales had shuffled 335M XRP shortly after the asset retested the $0.40 level, bringing the total tokens moved in the past 24 hours to 429.3M XRP.
Binance Movement
All transactions were indexed in real-time by the surveillance system Whale Alert. The Binance movement, which involved the transfer of 94,311,360 XRP ($37.9M) occurred today at 04:12 (UTC). The recipient address remains unknown as of press time, but Bithomp data reveals that it currently holds a balance of 255M XRP ($101M).
The address was activated by Binance and has so far only received funds from Binance wallets, suggesting an affiliation with the exchange. This would not be the first time Binance is sending large funds to this address, as 350M XRP flowed from the exchange to the wallet last November.
Other Whale TransactionsÂ
The Binance movement came after five whale transactions shuffled 335M XRP within 2 hours. The latest of the transactions was an in-house movement within Bitso that involved 29M XRP ($11.08M). The fund’s transfer occurred on January 15, 22:30 (UTC).
The rest of the transactions involved a central wallet used as a routing medium to Bitstamp. On January 15, an unidentified address transferred a whopping 209M XRP ($80.9M) to another unknown wallet at 21:00 (UTC). 14 minutes later, the unknown recipient wallet sent 32M XRP ($12.3M) to a Bitstamp address in another whale movement.
Shortly after that, Whale Alert indexed two more whale transactions involving the two addresses, as the unknown wallet transferred 30M XRP ($11.4M) to the same Bitstamp address on January 15, 22:22 (UTC), and 35M XRP ($13.5M) a minute after that.
XRP Retests $0.40
These transactions occurred a few hours after XRP got rejected at the $0.40 level. The asset had leveraged the latest market-wide rally to reclaim the $0.40 price point after trading below it for almost two months. After surging to a high of $0.4076 on January 14, XRP faced resistance from the bears, as it slumped to $0.3811 shortly after.
The latest concentration of whale transactions occurred when XRP traded sideways at the $0.38 level. The asset rallied back above $0.40 today before facing another rejection. XRP is currently trading at $0.3933 as of press time, up 12.73% in the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
