XRP Whales Are Depositing To Exchanges: Price To Drop Further?
August 29 2024 - 10:30PM
NEWSBTC
On-chain data shows the XRP whales have been making deposits to
exchanges recently, something that could be bearish for the asset’s
price. XRP Whales Have Made Several Large Moves In The Past Day
According to data from the cryptocurrency transaction tracker
service Whale Alert, several large moves have been spotted on the
XRP network during the past day. Related Reading: Polygon On-Chain
Activity Lights Up: MATIC Reversal Incoming? All of these moves are
of a scale that may be associated with the whales, who are
humongous entities on the blockchain that control a non-negligible
part of the circulating supply. Because of their large holdings,
these investors can naturally carry some influence on the market,
making their moves worth following. It’s usually hard to say what a
whale intended to achieve with a transaction, however, as on-chain
info carries a layer of privacy. Nonetheless, depending on the type
of addresses that are involved in the transfer, hints can sometimes
be gathered. There have been three whale transfers with such
identifying addresses in the last 24 hours. Below are the details
for the earliest of them. As is visible above, this transfer
involved the movement of 26.8 million XRP, worth around $15.3
million at the time that the move was executed. The sending address
for the transaction was an unknown wallet, meaning that it wasn’t
associated with any known centralized platform. The receiver, on
the other hand, was connected to one such platform: the
cryptocurrency exchange Bitstamp. Transfers like this, which go
from self-custodial wallets to an exchange, are known as exchange
inflows. Generally, investors deposit their coins to these
platforms to make use of one of the services that they provide,
which can include selling. As such, exchange inflows, especially of
a large scale, can prove to be bearish for XRP. The other two
exchange-related whale transactions from the past day were similar
to this one, in the fact that they were also exchange inflows. In
the older of the two, the whale moved 19.4 million tokens ($11
million) to the Bitso exchange. Interestingly, as the below details
show, the sending address of this transfer is an exact match for
the one from the Bitstamp inflow. This could suggest that the same
whale may have been responsible for both of the deposits. The third
exchange inflow from the last 24 hours was towards Binance, but
this one had a unique sending address, so it may not be related to
these other ones. This one also happens to be the largest deposit
of the three, as it saw 60 million XRP ($34.2 million) move into
the wallets affiliated with the platform. Naturally, it’s not
certain if these whales have made the inflows for selling, but in
the scenario that it’s true, the asset’s price could take a hit
from them. Related Reading: Bitcoin Plummets To $59,000, On-Chain
Data Reveals Why 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.
Featured image from Dall-E, whale-alert.io, chart from
TradingView.com
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