An anonymous wallet has moved 40 million XRP to Binance, the world’s largest and most popular cryptocurrency exchange, according to on-chain data.
While crypto investors generally prefer to store their cryptocurrencies in cold or hot wallets, this anonymous XRP whale preferred to move their XRP to a large exchange.
While the owner of the anonymous wallet currently has 13 million coins in his wallet, it is thought that he transferred the XRPs he was carrying to Binance, most likely to sell. It is not known whether the tokens are sold directly or whether they will be held on the exchange to be sold with the expectation of a higher price.
The whale in question received the XRPs it carried to Binance from another wallet holding a significant amount of XRP just a day ago.
Considering that Binance’s daily XRP trading volume is approximately 156 million tokens, the XRP whale’s 40 million XRP transactions correspond to approximately 25% of the current daily trading volume of the Binance exchange.
When we look at the price movements of XRP, we see that it is on an important support. Considering that whales tend to sell at resistance rather than support, this move also raised the questions of whether this is a preparation before the uptrend.
Ripple has been accumulating at the $1 level for a long time. We expect the accumulation to continue as long as we do not see a close under the $0.8740-$0.80 range. The $1.30 level will need to be broken to accelerate the uptrend.
You can review the chart for important levels.
*Not investment advice.