By George Ward
Recent on-chain data revealed that a whale removed $33 million worth of XRP tokens from Binance, which sparked speculation that this may be a sign of the asset’s bullish rally.
According to data from the crypto transaction tracker, Whale Alert, the platform observed two massive transactions involving XRP on the chain in the last 24 hours. The first transfer shows the whale moved 50 million XRP tokens, worth $18.8 million, from Binance.
Moreover, such massive transfers signify activity from a single whale or a group of several investors. Furthermore, large transfers like this can positively or negatively impact the market, depending on price swings and the motive behind the transactions.
Further analysis revealed that the sending address of this particular XRP transaction was a Binance wallet. On the other hand, the receiver of the funds was an anonymous address with no known affiliation with or connection to any centralized crypto exchange.
In this case, Whale Alert disclosed that such wallets are primarily individual, with investors withdrawing their funds from exchanges to such addresses for long-term custody.
As a result, the whale that initiated the transaction may begin a bull run for Ripple’s native token. Meanwhile, the other significant transaction that co-occurred saw the withdrawal of roughly 38.9 million XRP or approximately $14.4 million at the time.
Like the previous transfer, the current one also indicates Binance as its source of outflow, and this flow was direct to a personal wallet address. The sending and receiving addresses are the same for the transactions conducted seven hours before each other.
This means that the same whale is likely the one who initiated both transactions leading to the withdrawal of $33.2 million in XRP tokens from the Binance exchange. Hence, if this whale initiated the withdrawals to accumulate more XRP tokens when prices were down, the market should brace up for a bullish rally from this action.
Whale Activities And Crypto Prices
Whales or sharks are the most influential players in the crypto industry. Hence, it is not difficult to observe how a single transaction from them can cause waves throughout the crypto space.
With enormous capital to invest in any crypto asset of their choice, they often hold stashes of several top tokens in their portfolios. However, their activities can positively or negatively impact the crypto market. Prices of digital assets can shoot up or decline due to their actions.
When these whales buy, it indicates that a particular digital asset is in demand, while when they sell, it indicates the opposite. Meanwhile, this whale activity has positively impacted the price of XRP.
According to current Coingecko data, XRp is up 2.9% in the last 24 hours and trades at around $0.39.