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XRP Whale Withdraws 10 Million Coins from Exchange

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Tue, 11/23/2021 - 14:22
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Arman Shirinyan
This XRP whale believes in the market by withdrawing 10 million coins from the exchange
XRP Whale Withdraws 10 Million Coins from Exchange
Cover image via stock.adobe.com

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While Bitcoin and major altcoins face a spike in funds inflows to exchanges, this XRP whale decided to withdraw his/her holdings from a large centralized exchange, according to the Whale Alert bot on Twitter.

On the transaction page, data suggests that a transfer has been made between two exchange addresses. But it is most likely just a hot wallet transaction to one of the exchange addresses, which is then being transferred to an unknown wallet address.

As of now, funds remain on the whale's address without being moved anywhere. Whenever users withdraw their transactions from exchanges, they tend to hold them for a longer period of time rather than selling on the exchange if the volatility increase appears on the market.

Currently, XRP is moving in the same range as it did previously: the coin is trading around $1; that is why the community put it in the "stablecoin" category. Ripple has been moving in the $1 range for more than three months at this point, periodically testing new highs.

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The most recent positive price action of Ripple tracked back on Nov. 9 when XRP reached $1.30 but then swiftly retraced down to $1.03. At press time, XRP is trading with 0.6% of daily gains and relatively low volatility compared to price actions on Bitcoin that have moved from $58,000 to $56,660.

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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.