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Huge 51 Million XRP Stash Moved From Binance As Whales Intensify Movements
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In a significant development in the cryptocurrency market, as many as 51 million Stock XRP was recently moved from the Binance exchange. This large transaction highlights the ongoing activities of crypto whales, entities or individuals who hold substantial amounts of a specific cryptocurrency.
The transfer of 51 million XRP, worth approximately $25 million based on current market prices, was detected by blockchain tracking services. The single transaction saw XRP move from Binance to an unknown wallet.
Second Whale alert data, 51,627,816 XRP worth $25,261,186 was transferred from Binance to an unknown wallet. This move is part of a larger pattern of whale activity that has roiled the XRP market.
Whale Alert reports another major XRP transaction, which saw a stash of 26 million XRP moved from Binance: “26,247,981 XRP worth $12,821,456 was moved from Binance to an unknown wallet.”
Whales moving large amounts of XRP from exchanges like Binance could indicate a variety of sentiments. They may be preparing to keep their assets in cold storage for potential long-term holding, suggesting bullish sentiment. Instead, it could suggest neutral sentiment as the move could be a simple fund reshuffle.
At the time of writing, XRP fell 0.44% over the past 24 hours to $0.48. For several days, XRP has been trading between the 50-day SMA at $0.51 and key support at $0.46.
The crucial level to watch on the downside is $0.46. If this level gives way, XRP could fall to the critical level of $0.41. The bulls are expected to buy in the range of $0.46 to $0.41.
The bulls are attempting to push the price above $0.50, and if they succeed, the chances of a breakout of the 50-day SMA will increase. XRP could then rise to $0.57.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.