XRP Crashes 14% As Whales Send Deposits To Exchanges
04 Octobre 2024 - 1:00PM
NEWSBTC
The XRP price has registered a notable drop during the past day as
on-chain data shows the whales have been making transactions to
exchanges. XRP Has Witnessed A Sharp Drop Over The Last 24 Hours
The cryptocurrency sector has been observing bearish winds
recently, with the drawdown deepening across the market during the
past day. Most of the top coins, though, have managed to limit
their losses, except for XRP, which has notably underperformed.
Related Reading: Dogecoin Crossover That Led To 90% & 180%
Rallies Could Soon Form Again The below chart shows how the coin’s
recent trajectory has looked like. Following the 14% drop in the
last 24 hours, XRP has come down to the $0.52 level. This plunge
has also put the asset more than 21% down compared to the $0.66 top
that it had seen a few days back. As for why the cryptocurrency has
performed this poorly during the past day, perhaps on-chain data
can provide some hints. Whales Have Been Active On The Network
Recently According to data from the cryptocurrency transaction
tracker service Whale Alert, several large transactions have been
spotted on the XRP network in the last 24 hours. All of these
transactions happen to be of a scale that’s generally associated
with the whales, who are large entities that can carry a degree of
influence in the market. Naturally, one whale can’t move the market
on their own, but some number of them together can, which may be
exactly what has happened today. Generally, it can be hard to say
for certain what the whales’ intentions are when they make moves,
but address details can sometimes carry a hint or two. Here are the
details of the first of the whale transfers from the past day: As
is visible above, the whale moved 17,940,000 XRP, worth around
$10.3 million at the time the transfer was executed, from an
unknown wallet to an address connected to the cryptocurrency
exchange Bitstamp. An “unknown wallet” is one that’s not affiliated
to any known centralized platform and is likely to be an investor’s
personal address. Thus, it would appear that the whale moved coins
from their self-custodial wallet to an exchange with this
transaction. Related Reading: Shiba Inu Leads Whale Frenzy: Large
SHIB Transfers See Massive 360% Spike Transfers of this type are
called exchange inflows. Since one of the main reasons why
investors deposit their coins to these platforms is for
selling-related purposes, large exchange inflows can lead to a
bearish outcome. The three other XRP whale transactions from the
past day were also of the same type, with whales shifting a
combined $37.9 million to different platforms. It’s possible that
these transfers weren’t for selling at all, but for using a
different service that exchanges typically provide. Given the
corresponding price trend, though, it’s indeed likely that these
moves provided a net selling pressure to the cryptocurrency.
Featured image from Dall-E, whale-alert.io, chart from
TradingView.com
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