XRP Whale Withdraws Massive $135M From Binance, Bullish Signal?

Keshav Verma

2 years ago

3 mins read

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Data shows an XRP whale has made a massive withdrawal of $134 million from Binance, something that could prove to be bullish for the price of the crypto.

Whale Transfers $135 Million In XRP Out Of Crypto Exchange Binance

As per data from the crypto transaction tracker service Whale Alert, a huge XRP transfer was spotted earlier in the day.

The transaction amounted to a total of 350,000,000 XRP, and was worth around $134.8 million at the time of the transfer. At the current exchange rate, this stack of coins converts to about $130 million.

Such massive transactions usually belong to either a single whale, or an entity made up of multiple investors.

So, why was this large transfer done? Here’s some additional details about the transfer that may be revealing about the intent behind the transaction:

The complete details of the massive 350k coins transfer | Source: Whale Alert

As you can see above, the sender address in this case was a wallet belonging to the crypto exchange Binance.

The destination of the transfer was an unknown wallet. Such wallets are likely to be personal addresses, or at the very least aren’t part of any central exchange or other crypto platform.

This transaction is an example of an “exchange outflow,” since the XRP exited the exchange supply here. Similarly, the opposite type of transfer is called an “exchange inflow”

Generally, large inflows from whales are bearish for the price of the crypto since investors usually deposit to exchanges for selling purposes.

However, on the contrary, exchange outflows could suggest investors don’t want to sell anytime soon and are thus transferring the coins to hold onto them in personal wallets.

Such a large outflow like today’s could therefore imply the whale might have made the transaction to accumulate the crypto.

Though, in the current market environment where contagion due to the crypto exchange FTX’s collapse is spreading around, investors are more wary than ever about exchanges.

A large amount of holders have been taking the coins off to personal wallets, the keys to which they themselves own.

If the whale simply withdrew for this purpose, then the effect on XRP will likely be neutral from this. But, if the intention behind it was truly accumulation, then the crypto could see a bullish impact from it.

At the time of writing, XRP’s price floats around $0.36486, down 1% in the last week.

The value of the crypto seems to have observed some surge over the last couple of days | Source: XRPUSD on TradingView

Featured image from Kanchanara on Unsplash.com, chart from TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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