Whale Transfers $135 Million In XRP Out Of Crypto Exchange Binance
As per data from the crypto transaction tracker service , a huge XRP transfer was spotted earlier in the day. The transaction amounted to a total of 350,000,000 XRP, and was worth around $134.8 million at the time of the transfer. At the current exchange rate, this stack of coins converts to about $130 million.Such massive transactions usually belong to either a single whale, or an entity made up of multiple investors.
So, why was this large transfer done? Here’s some additional details about the transfer that may be revealing about the intent behind the transaction:The complete details of the massive 350k coins transfer | Source:
As you can see above, the sender address in this case was a wallet belonging to the crypto exchange Binance.
The destination of the transfer was an unknown wallet. Such wallets are likely to be personal addresses, or at the very least aren’t part of any central exchange or other crypto platform.This transaction is an example of an “exchange outflow,” since the XRP exited the exchange supply here. Similarly, the opposite type of transfer is called an “exchange inflow”
Though, in the current market environment where contagion due to the crypto exchange FTX’s collapse is spreading around, investors are more wary than ever about exchanges.
A large amount of holders have been taking the coins off to personal wallets, the keys to which they themselves own. If the whale simply withdrew for this purpose, then the effect on XRP will likely be neutral from this. But, if the intention behind it was truly accumulation, then the crypto could see a bullish impact from it.At the time of writing, XRP’s price floats around $0.36486, down 1% in the last week.
The value of the crypto seems to have observed some surge over the last couple of days | Source:
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com