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.
? 10,000,000 #XRP (10,452,769 USD) transferred from #Bithumb to unknown wallethttps://t.co/OftmfRM3Q9
— Whale Alert (@whale_alert) November 23, 2021
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.
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.
Alex Dovbnya
Godfrey Benjamin
Vladislav Sopov