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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

XRP Whale Moves $19.7 Million Away From Binance, Bullish Sign?

Keshav Verma
Keshav Verma
2 years ago
3 mins read

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Data shows an XRP whale has withdrawn an amount of $19.7 million in the token from Binance, a sign that may be bullish for the asset’s price.

XRP Whale Transfers Out 50,304,136 Coins From Crypto Exchange Binance

As per data from the cryptocurrency transaction tracker service Whale Alert, a large XRP transfer has been spotted on the Ripple blockchain during the last few hours.

This transaction involved the movement of a total stack of 50,304,136 tokens, which was worth a little more than $19.7 million at the time the transfer was executed on the network.

Since the numbers involved here are pretty big, the sender behind this transaction is likely to be a whale. These humongous investors make up an important part of the XRP market, as their wallet balances are pretty huge, which gives them the ability to quickly move large amounts.

Especially large transfers, like the one witnessed today, can be something to watch for as the sheer scale of coins involved in them can sometimes cause noticeable shifts in the price. But which way any such transaction would move the market depends on the exact intent behind it.

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Here are the details of today’s transfer that reveal which wallets were involved in it, which is something that can help shed some light on the reason behind it:

XRP Whale

The large transaction that took place on the Ripple blockchain in recent hours | Source: Whale Alert

The sending address of this XRP whale transfer (visible in the above image) was a wallet attached to the cryptocurrency exchange Binance, according to Bithomp. The receiver, on the other hand, was an unknown address that had no known affiliations with any centralized platforms and was thus likely to be a personal wallet.

Transactions like this one where coins move from an exchange to an offsite wallet are called “exchange outflows.” Generally, users withdraw their coins from these platforms for holding onto them for extended periods, which means that large outflows can have bullish effects on the price.

In the present case, the large outflow can suggest that the whale is doing some XRP accumulation right now. If it’s indeed so, then the price could see a constructive effect in the long term from this.

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However, another possible scenario is that the whale might have actually made this outflow to sell the coins through an over-the-counter (OTC) deal. If this holds true instead, then the asset may see a bearish impulse from the sale.

XRP Price

At the time of writing, XRP is trading around $0.39, up 6% in the last week.

XRP Price Chart

Looks like the cryptocurrency has been moving sideways during the last few days | Source: XRPUSD on TradingView
In terms of market cap, XRP continues to be the sixth largest cryptocurrency in the sector, with the asset having gained quite the gap on the next best, Cardano (ADA).
XRP Market Cap
The coin seems to have a market cap of $19.9 billion currently | Source: CoinMarketCap
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

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.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.

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