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XRP Whale Withdraws 150 Million Coins from Binance

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Thu, 12/02/2021 - 10:36
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Arman Shirinyan
Another XRP whale moves his or her funds from the exchange, now storing $150 million in a private wallet
XRP Whale Withdraws 150 Million Coins from Binance
Cover image via stock.adobe.com

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The transaction made only a few hours ago was one of the largest non-exchange transactions made on the XRP blockchain in the last few months, according to Whale Alert.

The $150 million transaction

According to the transaction page, an anonymous whale has moved 150 million XRP coins worth approximately $150 million from Binance exchange to an unknown wallet that is currently holding 150 million coins.

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Previously, the same wallet has been making small, insignificant transactions to various exchanges worth approximately $20-$30. The first large transaction has been made.

After receiving significant funds, the wallet spent approximately 100,000 coins by transferring them to UpBit exchange. The purpose behind such unusual funds redistribution remains undisclosed.

Ripple's price action

Ripple's price does not seem to consider major funds moving in a market with the price continuously moving in the same trend. The asset has broken the four-day uptrend by dropping below $0.98.

XRP Daily Chart
Source: TradingView 

XRP was one of many victims of the global cryptocurrency market correction that took place on the market due to a rise of risk-off tendencies after the aggravation of the pandemic all over the world.

Previously, U.Today reported that numerous whales have made large transactions from various centralized exchanges back to their wallets. Such a trend is tied to overall outflows tendencies on the cryptocurrency market.

At press time, XRP is trading at $0.97 while losing 1.2% of its value. The price of the asset gained 6.2% in the previous local uptrend.

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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.