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NewsBTC 2025-01-21 02:30:23

XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking?

XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking?

On-chain data shows the XRP whales have been making a large amount of inflow transactions to Binance recently, a sign that may not be ideal for the asset’s price. XRP Whales Have Made A High Number Of Transactions To Binance Recently As explained by an analyst in a CryptoQuant Qucktake post, the XRP Whale to Exchange Transactions metric has spiked for the cryptocurrency exchange Binance recently. Related Reading: Crypto Liquidations Cross $300 Million As Bitcoin Reclaims $102,000 The “Whale to Exchange Transactions” here is an on-chain metric that keeps track of the total number of transfers that are taking place from whale entities to wallets associated with a given centralized exchange. Whales refer to the largest of investors on the network, who can hold some degree of influence in the market thanks to their huge holdings. As such, this cohort can be worth keeping an eye on. One way to monitor their movements is through the Whale to Exchange Transactions. When the value of this metric is high, it means the whales are making a high number of moves to the platform. As one of the main reasons why investors use exchanges is for selling-related purposes, this kind of trend can be a sign that the large holders are looking to sell. On the other hand, the indicator being low can imply this group isn’t interested in trading away the cryptocurrency as it’s not making too many exchange-related transfers. Now, here is the chart shared by the quant that shows the trend in the 7-day simple moving average (SMA) of the XRP Whale to Exchange Transactions for Binance over the past couple of years: As is visible in the above graph, the 7-day SMA XRP Whale to Exchange Transactions for Binance registered an extremely large value just before the latest price rally beyond the $3.3 mark. Related Reading: XRP Surges Past $3.2 As Whale Activity Spikes 81% The timing would imply that these humongous investors may have been anticipating the run, so they made the transfers in order to appropriately reposition themselves. So far, XRP has managed to hold around its highs, meaning that the whales may not have yet pulled the trigger on their selling. It only remains to be seen, though, how long these investors would keep sitting on their profits, especially if the cryptocurrency continues its recent trend of sideways movement. XRP Price XRP has been one of the best performers among the top coins by market cap during the past week, with its price noting a surge of more than 38%. While the run started off strong, it has seen a cooldown in the last few days as the asset has seen overall flat consolidation. The below chart shows how the asset’s price has behaved during the past month. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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