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Massive 563,571 XRP Token Shift by Whale Sparks Speculation: Details

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Thu, 20/07/2023 - 13:43
Massive 563,571 XRP Token Shift by Whale Sparks Speculation: Details
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XRP surged nearly 100% in the past week, marking its highest performance since August 2021. At the time of writing, XRP was retaining some of its gains from the past week, up 70.50% in the last seven days.

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In the last 24 hours, XRP was only up 2% to $0.808. XRP has reclaimed the fourth spot in the cryptocurrency ranking with a market valuation of $42.5 billion.

Given the recent spike in the XRP price, all eyes are on the whales, or large holders, whose behavior often suggests buying or selling activity that might impact the price.

On-chain analytics provider Lookonchain has drawn attention to one such move from large XRP holders, or whales.

Lookonchain reports that an XRP whale recently moved 563,571 XRP tokens worth $462,000 from the Binance crypto exchange.

The on-chain analytics platform noted that the whale has withdrawn a total of two million XRP worth $1.66 million from Binance. The whale has netted an unrealized profit of about $640,000 at an average withdrawal price of $0.51.

There are several reasons why tokens are removed from exchanges; one might be to sell them. While this seems to be the likely reason for the move, other factors cannot be completely ruled out.

The reason might be to move it into cold storage, which stems from an intention to hold the cryptocurrency for a long period in hopes that the price might further increase. According to a screenshot from Lookonchain, the XRP tokens were transferred from a hot wallet.

As reported, Lookonchain recently provided insight into the buying and selling activity of four XRP whales on the Binance Smart Chain (BSC), hinting at the potential for increased selling activity.

XRP remains in spotlight

After Ripple's momentous victory, XRP has continued to get attention. In the wake of the Ripple v. SEC verdict, crypto research firm Kaiko recently observed that crypto open interest, particularly that of XRP, was rising faster than BTC.

Additionally, XRP outperformed Bitcoin, claiming 21% of the entire crypto volume as trading volume surpassed $25 billion in just four days, which is the biggest level in the previous 18 months.

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On July 17, Kaiko stated that the volume of XRP had increased tenfold over the previous week and had reached ten-month highs.

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