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XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking?
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XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking?

Keshav Verma
Keshav Verma
4 months ago
2 mins read
XRP

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On-chain data shows the XRP whales have been making a large amount of inflow transactions to Binance recently, a sign that may not be ideal for the asset’s price.

XRP Whales Have Made A High Number Of Transactions To Binance Recently

As explained by an analyst in a CryptoQuant Qucktake post, the XRP Whale to Exchange Transactions metric has spiked for the cryptocurrency exchange Binance recently.

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The “Whale to Exchange Transactions” here is an on-chain metric that keeps track of the total number of transfers that are taking place from whale entities to wallets associated with a given centralized exchange.

Whales refer to the largest of investors on the network, who can hold some degree of influence in the market thanks to their huge holdings. As such, this cohort can be worth keeping an eye on. One way to monitor their movements is through the Whale to Exchange Transactions.

When the value of this metric is high, it means the whales are making a high number of moves to the platform. As one of the main reasons why investors use exchanges is for selling-related purposes, this kind of trend can be a sign that the large holders are looking to sell.

On the other hand, the indicator being low can imply this group isn’t interested in trading away the cryptocurrency as it’s not making too many exchange-related transfers.

Now, here is the chart shared by the quant that shows the trend in the 7-day simple moving average (SMA) of the XRP Whale to Exchange Transactions for Binance over the past couple of years:

XRP Whale To Exchange Transactions
The 7-day SMA value of the metric appears to have witnessed a spike recently | Source: CryptoQuant

As is visible in the above graph, the 7-day SMA XRP Whale to Exchange Transactions for Binance registered an extremely large value just before the latest price rally beyond the $3.3 mark.

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XRP Surges Past $3.2 As Whale Activity Spikes 81%

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The timing would imply that these humongous investors may have been anticipating the run, so they made the transfers in order to appropriately reposition themselves.

So far, XRP has managed to hold around its highs, meaning that the whales may not have yet pulled the trigger on their selling. It only remains to be seen, though, how long these investors would keep sitting on their profits, especially if the cryptocurrency continues its recent trend of sideways movement.

XRP Price

XRP has been one of the best performers among the top coins by market cap during the past week, with its price noting a surge of more than 38%. While the run started off strong, it has seen a cooldown in the last few days as the asset has seen overall flat consolidation.

The below chart shows how the asset’s price has behaved during the past month.

XRP Price Chart
Looks like the price of the coin has observed a significant surge recently | Source: XRPUSDT on TradingView
Featured image from Dall-E, CryptoQuant.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.

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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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