News
300 Million XRP Suddenly Changes as Price Waits for Next Move
Read U.TODAY on
Google News
According to WhaleAlert, 300 million Exchange rate risk tokens were suddenly transferred from Binance, the largest cryptocurrency exchange. This major transfer occurred as the cryptocurrency ecosystem awaited news on where the price of XRP would go next.
Three hundred million XRP, worth about $130 million today, were transferred via a transaction to an unspecified wallet, raising questions about the reason behind the large movement.
Blockchain data tracker Whale Alert tweeted that “300,000,000 XRP worth $130,132,907 has been transferred from Binance to an unknown wallet.”
In addition to this, Whale Alert tweeted that additional amounts of XRP were moved between different wallets and cryptocurrency exchanges over the weekend.
Whale Alert tweeted: 37,390,000 XRP worth $16,064,836 were transferred from an unknown wallet to Bitstamp; additionally, 31,946,978 XRP worth $14,222,245 and 29,704,444 XRP worth $12,706,107 were transferred from Binance to unknown wallets.
What is going on?
These transfers are important for broader market transactions. The cryptocurrency market has been in a volatile situation since last week, with Bitcoin and other cryptocurrencies falling to multi-month lows.
Several cryptocurrencies are trying to recover, trying their best to get back to green. The next price movement of XRP could tell us whether it will recover or if it will come under more pressure.
XRP is now showing a gain of 0.92% in the last 24 hours, reaching $0.437, after dropping as low as $0.403 at the time of today’s active trading session.
Withdrawals from cryptocurrency exchanges appear to be a signal to buy; otherwise, the funds are moved to a cold storage wallet. However, it is not known or explicit what this is.
In the coming days, the cryptocurrency ecosystem will continue to rely on the clues provided by XRP’s price action.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.