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XRP Crashes 14% As Whales Send Deposits To Exchanges
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Crashes 14% As Whales Send Deposits To Exchanges

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

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The XRP price has registered a notable drop during the past day as on-chain data shows the whales have been making transactions to exchanges.

XRP Has Witnessed A Sharp Drop Over The Last 24 Hours

The cryptocurrency sector has been observing bearish winds recently, with the drawdown deepening across the market during the past day. Most of the top coins, though, have managed to limit their losses, except for XRP, which has notably underperformed.

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The below chart shows how the coin’s recent trajectory has looked like.

XRP Price Chart
Looks like the price of the coin has seen a plunge in recent days | Source: XRPUSDT on TradingView

Following the 14% drop in the last 24 hours, XRP has come down to the $0.52 level. This plunge has also put the asset more than 21% down compared to the $0.66 top that it had seen a few days back.

As for why the cryptocurrency has performed this poorly during the past day, perhaps on-chain data can provide some hints.

Whales Have Been Active On The Network Recently

According to data from the cryptocurrency transaction tracker service Whale Alert, several large transactions have been spotted on the XRP network in the last 24 hours.

All of these transactions happen to be of a scale that’s generally associated with the whales, who are large entities that can carry a degree of influence in the market.

Naturally, one whale can’t move the market on their own, but some number of them together can, which may be exactly what has happened today. Generally, it can be hard to say for certain what the whales’ intentions are when they make moves, but address details can sometimes carry a hint or two.

Here are the details of the first of the whale transfers from the past day:

XRP Whale Inflow
This massive transfer appears to have cost the sender a fee of just 0.000015 tokens | Source: Whale Alert

As is visible above, the whale moved 17,940,000 XRP, worth around $10.3 million at the time the transfer was executed, from an unknown wallet to an address connected to the cryptocurrency exchange Bitstamp.

An “unknown wallet” is one that’s not affiliated to any known centralized platform and is likely to be an investor’s personal address. Thus, it would appear that the whale moved coins from their self-custodial wallet to an exchange with this transaction.

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Transfers of this type are called exchange inflows. Since one of the main reasons why investors deposit their coins to these platforms is for selling-related purposes, large exchange inflows can lead to a bearish outcome.

The three other XRP whale transactions from the past day were also of the same type, with whales shifting a combined $37.9 million to different platforms. It’s possible that these transfers weren’t for selling at all, but for using a different service that exchanges typically provide. Given the corresponding price trend, though, it’s indeed likely that these moves provided a net selling pressure to the cryptocurrency.

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.

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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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