All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- A massive 33 million XRP transfer to Binance raises speculation amidst ongoing market volatility.
- Declining Whale to Exchange transactions suggest growing confidence among the XRP major holders.
According to Whale Alert, a popular whale activity tracker, a significant transfer of 33,000,000 XRP, or around $19.7 million, was transferred from an unknown wallet to the cryptocurrency exchange Binance. This massive transfer has generated speculation among market analysts, particularly given the market’s current volatility.
🚨 33,000,000 #XRP (19,734,848 USD) transferred from unknown wallet to #Binancehttps://t.co/FYFeDRTOuq
— Whale Alert (@whale_alert) August 21, 2024
Whale XRP Signals Potential for More Liquidations
The wallet from which this transfer originated still has a whopping 265.08 million XRP tokens, worth around $158.2 million. This big reserve indicates that the wallet owner may be contemplating additional liquidations on Binance, which could increase market liquidity.
However, this move comes at a time when the market is intently watching every large transaction, particularly in light of recent changes in XRP’s technical indicators.
According to our prior reports, one of the important technical signals that investors have noticed is the emergence of a Golden Cross between XRP’s major Exponential Moving Averages (EMA).
A Golden Cross, which is usually interpreted as a bullish indication, occurs when a short-term moving average crosses above a long-term moving average. This formation frequently signals the possibility of a mid-term upward trend, which might entice both individual and institutional investors seeking intriguing prospects in the crypto market.
Furthermore, there has been a dramatic decrease in Whale to Exchange Transaction, a metric that counts the number of large transfers made by major holders to exchanges.
This fall is being taken as a sign of rising confidence among XRP whales, implying that they are more likely to keep their assets than sell them in the current market. This trend may lessen liquidity risks for XRP, creating a more stable environment for the token’s price to rise.
Beside that, as we previously noted, a passionate enthusiast of the token has made a bold prediction. According to Amelie, the price of Ripple’s token might skyrocket by up to 30,000%, potentially increasing its market cap to an amazing $9.66 trillion.
Meanwhile, at the time of writing, XRP is trading around $0.5984 after dropping 2.22% over the last 24 hours, but it is still bullish in the last week by 3.72%.
