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XRP Whale Moves $14 Million from Exchange

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Wed, 11/17/2021 - 14:21
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Arman Shirinyan
Ripple whales move more funds away from exchanges following the global outflows trend
XRP Whale Moves $14 Million from Exchange
Cover image via stock.adobe.com

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Undisclosed XRP wallet decides to withdraw a large volume of XRP coins from centralized exchanges as part of the global exchange outflows trend.

According to the whale alert tracking service, a whale-tier address withdrew 12.7 million XRP coins from the medium-tier CoinOne exchange to an unknown wallet. Funds have not moved since from the receiving wallet.

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The transaction falls under the rapidly developing outflow trend that is currently present on the market after volatility rapidly increased.

Previously, U.Today reported that Ethereum traders are draining exchange supplies by moving away from the majority of existing assets for undisclosed reasons.

Ripple could not avoid the global cryptocurrency correction that hit the market in the last couple of days. Ripple lost approximately 14% of its value in only eight days while previously moving in a strong uptrend for the last 40 days.

During the most recent run, Ripple gained more than 40% to its value compared to the beginning of October.

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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.