At least 3 different whale XRP transfers from Binance were recorded within the space of 24 hours, suggesting a possible accumulation trend.
While whale XRP transactions are not uncommon in the market, a recent unusual trend involves the consistent XRP outflows from the same exchange. This move typically signals a likely coordination between a whale or institution.
These transfers have drawn comments from some members of the XRP community due to their prevalence in such a short period of time.
Breaking Down the XRP Transfers
According to data insights from Whale Alerts, the largest of the transfers from Binance involves 20,898,914 XRP worth $11,286,635.
Notably, the recipient of the funds was also activated by Binance, per data from Bithomp. This has led to speculation that the transaction could be an internal fund movements from Binance.
Besides this, another 18,544,887 XRP worth $10,016,690 was also moved from the trading platform to another Binance-activated wallet. In addition, the third transaction is worth 19,905,635 XRP or $10,751,673.
A proper analysis of the activating wallets shows a unique trend, all three transfers are traceable to the same wallet, implying that a single whale might be behind this movement with strong ties to Binance.
Over the past months, most XRP transfers have always had a strong tie to Ripple Labs with the preferred exchanges being Bitstamp and Bitvavo amongst others. This Binance-linked transfer shows a new major trend.
Complementary Transfer
While these XRP transfers show accumulation, another major whale transaction emerged involving an inflow to Binance. The Whale Alert data shows 95,000,000 XRP valued at $51,369,170 at an average price of $0.5407 were transferred to the exchange.
This 90 million XRP can also be traced to Binance but with a different wallet compared to the one linked to the three outward transactions analyzed earlier.
Amid these transfers, XRP’s price and market capitalization have dropped to $0.5469 and $29,843,688,415. The asset’s trading volume is also down 11% to $1,382,001,359.
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-
