XRP whales seem to be on the move as 350,000,000 XRP has been transferred from Binance to another wallet. As per the data from whale tracker Whale Alert, the value of the XRP moved is currently $133 million. The transaction happened exactly on November 16, 2022, at 03:48:21 UTC.
The anonymous whale that moved the XRP currently holds 1.32 billion XRP on Binance. The estimated value of the holdings is $507 million. The anonymous wallet to which the whale sent XRP currently holds 213 million XRP, which is worth over $82 million.
The Binance wallet that conducted the transaction had an inflow of 1.2 billion XRP on November 15. The influx of XRP appears unusual at a time when users are withdrawing funds from exchanges. As per the details from Coinglass, over the last seven days, 160,630 BTC have moved off of exchanges.
As per the transaction details from its on-chain activity, the whale was not very active before November 15. The last transaction before this date happened on August 17, which was an inflow of 295 million XRP.
The price of XRP continues to be stable as Ripple supporters, whales, holders, and cryptocurrency investors wait for the summary judgment in the XRP lawsuit. XRP is currently trading at $0.382, with little movement in the last 24 hours.
Whale sell-offs typically cause significant market commotion and have a bearish impact on price. The whale movement, however, might also be an effort by participants to stir up a market wave and boost short-term price movement. However, the 350 million XRP movement hasn’t affected the price of XRP.
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Source: Cryptocurrency - investing.com
