94 Million XRP Exits Binance As Bulls Reclaim Control, What’s Going On?
Crypto whale transaction tracker Whale Alerts has revealed various large XRP transactions in the last 24 hours as bullish momentum returns to the market. Interestingly, five of the large transactions in the past 24 hours have come from crypto exchange Binance, with the latest occurring in the past hour. In fact, 94 million tokens were recently transferred from Binance into unknown wallets, prompting investors to contemplate the reasons behind the transfers and possible outcomes.
Large Transactions From Binance
Data from Whale Alerts reveals that the transfers, worth over $57 million, were sent out of Binance in five transactions of 18 million XRP each. This huge transfer could signal big investors are buying the altcoin in droves, but the pattern of accumulation also points to the transactions being carried out by one entity.
The transfers occurred throughout Sunday, starting with a transfer of 18.76 million tokens worth $11.7 million from Binance into an unknown wallet. Subsequently, 18.4 million tokens, 19.2 million tokens, 18.8 million tokens, and 18.7 million tokens worth $11.26 million, $11.47 million, $11.19 million, and $11.69 million were sent into private wallets.
🚨 18,750,448 #XRP (11,698,918 USD) transferred from #Binance to unknown wallethttps://t.co/aeCHQ4RYxA
— Whale Alert (@whale_alert) March 11, 2024
Investors can only speculate as the identity of wallet addresses is mostly unknown. But shifts of this magnitude often foreshadow market sentiment. These enormous transactions in such a short time span negate a random pattern and suggest accumulation from the parties involved.
However, the transfers could have also been carried out by Binance itself, as on-chain data shows all recipient addresses were activated on the same day by the exchange. Furthermore, this pattern of 18 million XRP tokens departing Binance in each large transaction began on Friday. Essentially, the transfers could have been due to wallet maintenance or liquidity factors.
What’s Next For XRP?
XRP has majorly underperformed other large market-cap cryptocurrencies. At the time of writing, the token is trading at $0.6219 and is up by 18% in 30 days. For comparison, Bitcoin, Ethereum, and BNB are up by 49%, 58%, and 63% respectively in the same timeframe.
However, XRP enthusiasts continue to remain strong and anticipate a strong bullish run. According to attorney Bill Morgan, XRP is set to surpass its all-time high of $3.4 this cycle. Right now, XRP is showing other signs of building momentum, like a recent breakout above a long-term downtrend line.
A popular crypto analyst known as Ash Crypto noted that the altcoin is on the verge of a multi-year breakout. The last time this happened, XRP went on a surge throughout 2017 and 2018 to reach its current all-time high.
XRP MASSIVE BREAKOUT 🔥
XRP IS ON THE VERGE OF MULTI-
YEAR BREAKOUTONCE IT BREAKS OUT, THE PUMP
WILL BE HUGE !! pic.twitter.com/4UuwyMXHJU— Ash Crypto (@Ashcryptoreal) March 10, 2024
According to the analyst’s XRP chart, a repeat of this breakout would lead to a surge of epic proportions to $18.
Token price reaches $0.625 | Source: XRPUSD on Tradingview.com
Featured image from Coingape, chart from Tradingview.com
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