Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Whales Are Active: Here’s Where They Are Sending Coins

Share This Post

On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.

XRP Whales Have Moved Around Big Amounts In Last 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.

More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.

The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.

First, here are the details regarding the oldest XRP whale transfer from the past day:

XRP Whale Deposit

As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.

On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.

Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.

The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.

The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.

Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.

XRP Withdrawal

In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.

The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.

The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.

XRP Price

XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.

XRP Price Chart

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump Token Mania: Over 6,000% Pump Or Classic Solana Trap?

According to blockchain data, a new Solana token named Eric Trump shot up 6,200% in just 24 hours It sprang to life on May 16 via the Pumpfun launchpad and swelled to a market cap of 140 million

Ethereum and Solana Holders Take Profit, Investment Into Remittix Soars With Major Updates Near

This content is provided by a sponsor PRESS RELEASE Ethereum and Solana holders are enjoying solid profits this month, and many are now rotating those gains into a new project catching serious

Autonomous AI agents create new job opportunities

The following is a guest post and opinion of Zac Cheah, Co-Founder of Pundi AI The brouhaha over autonomous artificial intelligence (AI) agents taking up jobs and radically transforming industries

Bitcoin Mining Stocks Continue Rally as Applied Digital Leads Friday’s Gains

Bitcoin-mining stocks closed higher Friday, with Applied Digital Corporation jumping 2218% to top the leaderboard Bitcoin Miners Rally as Volatility Breeds Opportunity Applied Digital posted the

Ethereum Accumulation Accelerates – Smart Money Snaps Up 450K ETH

Ethereum is now at a pivotal moment following last week’s explosive rally that pushed prices above several key resistance levels After surging past $2,700, ETH has pulled back and is now

Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards

Cardano (ADA) is flashing mixed signals as its market structure hints at an imminent short-term price crash While bearish indicators suggest a possible decline, a crypto analyst reveals that the