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In a significant development within the cryptocurrency market, a massive 51 million XRP stash was recently shifted from the Binance exchange. This large transaction underscores the ongoing activities of crypto whales, entities or individuals who hold substantial amounts of a specific cryptocurrency.
The 51 million XRP transfer, valued at 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.
According to WhaleAlert data, 51,627,816 XRP worth $25,261,186 were transferred from Binance to an unknown wallet. This move is part of a broader pattern of whale activity that has been stirring the XRP market.
Whale Alert reports another major XRP transaction, which saw a 26 million XRP stash shifted from Binance: "26,247,981 XRP worth $12,821,456 was transferred from Binance to unknown wallet."
Tomiwabold OlajideWhales moving large amounts of XRP off of exchanges like Binance could indicate a range of sentiment. They might be preparing to hold their assets in cold storage for potential long-term holding, suggesting bullish sentiment. Conversely, it might suggest neutral sentiment as the move might be a mere funds reshuffling.
At the time of writing, XRP was down 0.44% in the last 24 hours, to $0.48. For several days, XRP has traded between the 50-day SMA at $0.51 and the key support at $0.46.
The crucial level to watch for on the downside is $0.46. If this level gives way, XRP might fall to the critical level of $0.41. Bulls are predicted to buy in the range of $0.46 to $0.41.
Bulls are attempting to push the price above the $0.50 mark, and if they succeed, the probability of a break above the 50-day SMA improves. XRP might then rise to $0.57.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya