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XRP Jumps 4%, Whale Reacts With $69 Million Coinbase Deposit
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Jumps 4%, Whale Reacts With $69 Million Coinbase Deposit

Keshav Verma
Keshav Verma
5 months ago
2 mins read
XRP Whale

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On-chain data shows an XRP whale has moved a large amount of the asset to Coinbase following a 4% Christmas rally in its price.

XRP Is Up More Than 4% On Christmas Day

After a period of struggle in cryptocurrencies across the board, Christmas has brought back some bullish winds as Bitcoin and company have made some recovery. XRP has been no exception, with its price going up over 4% in the last 24 hours to reclaim $2.31.

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Below is a chart that shows how the digital asset has performed during the last few days.

XRP Price Chart
Looks like the price of the coin has surged over the last couple of days | Source: XRPUSDT on TradingView

As with any surge in the coin’s value, profit-taking can become a threat as investor gains balloon up. It appears one whale may have fallen prey to such a temptation.

A Large Transfer Has Just Been Spotted On The Network

According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has occurred on the XRP blockchain during the past day.

The transfer in question involved the movement of 30,171,667 tokens worth more than $69.2 million at the time the sender executed the move. This is quite a large transaction, so it’s likely that a whale entity was responsible for it.

Whales are investors who carry massive holdings in their wallets. As the influence of any entity on the market goes up, the more coins that they own, whales are considered a key part of the ecosystem.

Because of this reason, their moves can be worth keeping an eye on. They may not always directly influence the price, but they can still inform us about the sentiment among these giants.

Problem is, the anonymous nature of the blockchain means that a lot of the time, it’s not possible to discern what an investor’s intent was behind a move. Luckily, in the case of this XRP whale transaction, one end of the move contains a wallet that can be identified as being tied to a centralized platform.

Here are the address details related to the transfer:

XRP Exchange Inflow
Looks like this move only required a negligible fee of 0.00001 XRP to go through | Source: Whale Alert

As is visible above, the receiving address for this transaction was a wallet attached to the cryptocurrency exchange Coinbase. The sending address was an unknown wallet, meaning that it was likely the whale’s personal, self-custodial wallet.

Transactions of this kind, where coins flow from self-custody to a centralized exchange, are known as exchange inflows. Generally, one of the main reasons why investors deposit to these platforms is for selling-related purposes, so exchange inflows can have bearish implications for the asset’s price.

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it’s uncertain, though, whether taking profits from the latest surge was indeed the goal in mind when the whale made the transaction. It may very well be the case of the investor looking to take advantage of one of the other services that Coinbase provides.

Featured image from Dall-E, whale-alert.io, 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
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