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Massive XRP Whale Withdrawal Observed, Sell-off Incoming?

Thu, 07/20/2023 - 11:58
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Godfrey Benjamin
XRP whale has started withdrawing his holdings from Binance after intense accumulation period
Massive XRP Whale Withdrawal Observed, Sell-off Incoming?
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The XRP ruling has fueled a very bullish and emphatic reaction from the community, as it is accompanied by massive buy-ups, a trend that pushed the price of the asset to its highest level in the past year. While XRP is still one of the most profitable altcoins around, some whale activity has suggested a potential sell-off might be incoming.

XRP Tops $0.8 After Major Price Spike

Data insight from XRP whale

Crypto data analytics provider Lookonchain recently revealed that more than 563,571 XRP tokens, worth approximately more than $462,000, have been withdrawn from Binance, the biggest trading platform in the world. While the exact purpose of the withdrawn funds remains unknown, speculations keep growing that it might be a case of liquidation.

Thus far, the whale has withdrawn a total of two million XRP tokens, estimated to be worth $1.66 million, from Binance. Per the insights shared, the average withdrawal price is $0.51, and the current unrealized profit is approximately $640,000.

Data showing the whale's XRP movements is limited for now, and the token is generally not impacted by the events. At the time of writing, each XRP token trades at a spot price of $0.8098, up by 4.20% over the past 24 hours and by more than 71% in the trailing week-to-date (WTD) period.

XRP Trading Now Available on Major European Exchange: Details

More upside for XRP?

The victory secured by XRP has far-reaching implications that go beyond the asset itself. While the case is not completely over, there are a number of positive conclusions that being drawn by Ripple Labs executives, experts and observers in the broader crypto ecosystem.

One such conclusion is that it is now glaring that XRP is not a security, and irrespective of the volatility headwinds that lie ahead, more firms now have the regulatory clarity to integrate the coin into their business operations across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.