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.
Looks like this transaction only required a negligible fee of 0.000015 XRP to go through | Source:
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.
The second exchange inflow from the past day | Source:
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.
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.
The price of the coin seems to have been going down recently | Source:
Featured image from Dall-E, whale-alert.io, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Read more
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
