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XRP Users Move Funds Away from Exchanges as Inflows on Crypto Market Increase

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Wed, 12/29/2021 - 13:35
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Arman Shirinyan
XRP whales move their funds away from exchanges during inflows spree
XRP Users Move Funds Away from Exchanges as Inflows on Crypto Market Increase
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XRP whales are moving their funds away from exchanges as inflows on the cryptocurrency market increase in general.

Two large transfers from exchange wallets

The first transaction shared by whale-tier transaction tracker WhaleAlert appeared three hours before press time with 162 million XRP being moved from the cryptocurrency exchange. The large transaction appeared only a few hours before the asset spiked down by 4.3%. After the large transfer, the exchange's hot wallet holds only two million XRP coins.

The second, less significant, transaction was made on the Binance exchange and was worth $11 million, approximately, against the previously moved $130 million. The large transaction was made to an unknown address that currently holds a mind-blowing 300 million XRP.

Both transactions were made during the large inflows trend, when users have been moving the major part of their funds to exchange addresses. Binance has reported 7,000 BTC reserves to increase as 65,000 BTC in total has been sent to exchange hot wallets, excluding decentralized exchanges.

XRP price action

Unfortunately for its holders, a stable exchange flow does not help XRP to continue trading above $0.9. The asset is currently trading at $0.83 after losing 16.8% of Its previously gained value in less than one week. 

XRP Price Data
Source: TradingView

The first signs of a retrace have appeared on XRP after the asset started moving up on Dec. 20 and gained 21% in four days. In the long term, XRP has been continuously moving down since reaching its most recent high of $1.3.

During the long-term downtrend, the asset lost almost 40% of its value and even more compared to its all-time high of $2.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.