Cryptocurrency
XRP Whale Transactions Influence on Market Sentiment
Tuesday. July 16 at 9:30 PM
1 min. readRecent on-chain data reveals that XRP whales have been withdrawing from exchanges, indicating a potentially bullish trend for the asset. Large transactions, typical of whale activity, have been observed on the XRP blockchain. These significant moves by major investors can impact market sentiment. One notable transfer involved 38,783,752 XRP worth $20.5 million, moving from Binance to an unknown wallet, suggesting a shift to self-custody for long-term holding. While some transactions hint at bullish behavior, others, like a $14.9 million transfer to Bitstamp, may signal bearish intentions, possibly for selling. Despite this, overall outflows from whale transactions exceed inflows, indicating continued withdrawals from exchanges. XRP's current price stands at $0.52, reflecting a 21% increase in the past week.