Massive XRP Whales Withdraw $28 Million from Binance Amid Market Correction: On-Chain Data Reveals

Blockchain data shows that massive XRP whales have been withdrawing funds off of the leading crypto exchange Binance amid a wider cryptocurrency market correction, suggesting growing accumulation for these tokens.

According to data shared by on-chain whale monitoring service Whale Alert, in two separate transactions whales moved a total of over $28 million worth of XRP off of the leading cryptocurrency exchange to unknown wallets on the XRP Ledger.

The first transaction saw the whales move 26.4 million XRP worth around $13.1 million, while the second one saw the movement of 30.4 million XRP worth over $15 million.

The unknown wallets are likely to be self-custodial wallets controlled by these whales, and such transfers from exchanges to these wallets are known as “exchange outflows.” Investors may choose to withdraw their holdings from exchanges for various reasons, including long-term storage.

Exchange outflows can be perceived as a bullish signal, suggesting potential buying pressure and reduce the supply of the cryptocurrency on trading platforms, meaning growing demand could lead to a price rise.

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However, the data also revealed a contrasting transaction. An inflow of roughly 30.3 million XRP ($15 million) was seen moving onto popular cryptocurrency exchange Bitstamp. Exchange inflows, where investors move their holdings onto exchanges, can be seen as a potential bearish indicator, hinting at possible selling intentions.

As reported, a cryptocurrency analyst has recently revealed he believes the price of the native token of the XRP Ledger is set to soon vastly outperform the flagship cryptocurrency Bitcoin ($BTC) over a key technical indicator.

The analyst revealed that on a monthly timeframe the price o XRP in BTC is in “reversal territory.” Per his words the XRP/BTC monthly Relative Strength Index (RSI) is currently at its lowest level ever, and in the last two occasions it dropped so significantly XRP rose 5,251% and 498% against the flagship cryptocurrency.

The analyst noted, however, that he can see “many potential positive catalysts coming for XRP,” and that once something changes its narrative then “sentiment can change extremely quickly.”

Featured image via Pixabay.

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• Source: https://www.cryptoglobe.com/latest/2024/06/massive-xrp-whales-withdraw-28-million-from-binance-amid-market-correction-on-chain-data-reveals/