An unidentified whale recently withdrew over 563K XRP from Binance, bringing their total withdrawals to over 2 million XRP and an unrealized profit of $640K+.
XRP is currently up 73% since Judge Analisa Torres ruled it is not a security. Amid this rapid price increase, some investors have moved their XRP tokens across exchanges and wallets. One such investor is an unidentified whale who recently withdrew over 535K XRP from Binance.
Blockchain surveillance system Lookonchain first drew the public’s attention to the recent development.Â
A whale withdrew 563,571 $XRP($462K) from #Binance again yesterday.
The whale has withdrawn a total of 2M $XRP($1.66M) from #Binance, the average withdrawal price is $0.51 and the current unrealized profit is ~$640K.https://t.co/lM0KoEKuVc pic.twitter.com/p7IeKvz6HC
— Lookonchain (@lookonchain) July 20, 2023
Binance Smart Chain data substantiate the claims, providing insight into this whale’s interesting trade activity. The latest transaction saw the whale withdraw exactly 536,571 XRP ($461,224) from Binance at 5:14 (UTC).
The transaction involving the Binance-pegged XRP token represents the whale’s first XRP movement in over two months. The previous movement also involved a withdrawal from Binance to 233,138 XRP ($190,889) on May 15. This transaction occurred when XRP was consolidating between $0.41 and $0.43.
However, the whale’s most substantial XRP transaction saw the movement of over 1.2 million XRP last year. The unidentified entity withdrew exactly 1,202,302 XRP ($984,424) from Binance on December 13, 2022. This movement also occurred when XRP was facing bearish consolidation below $0.35.
Following the latest influx, this whale address has withdrawn a total cumulative amount of 1.972 million XRP from Binance, valued at $1.636 million against current rates. The whale has not sold his XRP holdings, holding 1.999 million XRP as balance.
The whale’s XRP balance represents its single largest holding. According to Lookonchain, the address is witnessing an unrealized profit of about $640,000 on its XRP investment.Â
Why Does This Matter?
Investors typically withdraw their assets from exchanges when they intend to hold them for a long time. The fact that this whale has withdrawn these XRP tokens from Binance when XRP is witnessing a price uptick could signal renewed optimism.
Due to this renewed optimism, the whale address might be moving to hold more XRP tokens in anticipation of a larger rally. In addition, these tokens could represent assets recently procured by the individual in question through Binance.Â
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.
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