Massive XRP Shifted to Binance as Price Trades in Green: Details
In recent hours, crypto data tracker Whale Alert has spotted a massive chunk of XRP being moved to the Binance crypto exchange.
Whale Alert notes that 87,305,753 XRP worth $41,197,105 were transferred from an unknown wallet to Binance.
87,305,753 XRP (41,197,105 USD) transferred from unknown wallet to Binance
— Whale Alert (whale_alert) May 21, 2023
There are three possible explanations for why wallets outside of exchanges send their assets there, as shifting coins incurs costs.
If there is a surge of buyers at the spot exchange, investors are probably sending their coins there to be sold. A price fall is a common outcome of this kind of behavior, which is a negative indication.
Trading on the volatile derivatives market is the second reason. Last but not least, investors periodically transfer their holdings to exchanges for staking, airdropping, or simple reshuffling.
In this instance, it is difficult to draw many conclusions about pricing or volatility. This justification for the behavior is frequently seen as unimportant.
