How have whale transfers affected XRP’s short-term price? Details…

XRP made a moderate price recovery over the past day, hiking by 5.03%.
Ripple whale inflow to Binance hits a 6-month-high.

As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself intrigued by the recent developments surrounding XRP. The 5.03% price hike over the past day is certainly a refreshing sight after the market correction that brought it down to $1.89.

As a crypto investor, I’ve noticed a substantial market correction in Ripple’s [XRP] since it reached $2.9. Over the past few days, altcoins have retreated, and my XRP holdings have taken a hit too, reaching a low of $1.89.

Given the present market situation, various analysts are engaged in thoughtful discussions about what’s driving these conditions. Notably, CryptoQuant analyst JA_Maartun suggests a possible change in approach by the ‘whales’.

XRP whale inflow to Binance hit a 6-month high

According to Maartun’s examination, the deposits of Ripple’s ‘whales’ (large investors) into Binance recently attained their highest level in the past six months.

As he stated, there were approximately 2.66 million units of XRP moved to exchanges within the last month.

For the first time since April, there’s been a significant increase in large-scale transfers on Ripple, which suggests continued growth in the activity of ‘whales’.

Such substantial transfers indicate that major XRP owners are actively moving their coins across the network, often involving exchanges such as Binance in these transactions.

Whale actions often indicate a change in approach, as these investors possess substantial resources. Such a change might mean they are transitioning from buying to selling.

When whales move large sums to trading platforms, it often suggests they are planning to cash out, currently selling, or boosting the market’s fluidity.

Impact on price charts

Heavy deposits into exchanges often hint at a possible desire to sell, which might reflect pessimistic views from significant investors who aim to profit from the current market surge while predicting a price drop.

Nevertheless, even though large sums of XRP were moved to exchanges by whales, the price chart does not show any significant negative influence on XRP.

Instead of declining, the cryptocurrency known as XRP has experienced modest growth in its daily price analysis. Currently, it is being traded at approximately $2.33, representing an increase of 5.03% compared to previous daily prices. This comes after a 10.23% drop over the past week.

The bounce back in prices suggests that even with large transactions by whales, the XRP market continues to exhibit a positive trend, as buyers strive to regain control of the market.

Over the past month, AMBCrypto observed a continuous decrease in the proportion of coins on exchanges compared to the total supply. This implies that even as whales move their holdings, a significant number of investors prefer to store their assets outside of exchanges.

A significant number of investors show a trend towards withdrawing XRP from exchanges, as indicated by the decrease in XRP’s exchange-to-flow ratio to -334k. When this ratio is negative, it signifies that more assets are being withdrawn from exchanges than deposited.

This, eventually, reduces the supply available for trading, thus avoiding selling pressure.

Read XRP’s Price Prediction 2024–2025

Regardless of larger investments by whales on Binance, XRP investors continue to stay optimistic, with buyers trying to reclaim dominance in the market.

If bulls outweigh bears, XRP could reclaim $2.6 levels and target $3. Conversely, if transfers into exchanges persist, causing panic selling, the altcoin will find support around $1.8. A breach below this will push it towards the critical support level of $1.5.

2024-12-11 17:43

XRP whale inflow to Binance hit a 6-month high

Impact on price charts

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