While Bitcoin’s value is rising, Ripple (XRP)$XRP
gained momentum. A large whale transfer caught the attention of investors and caused some concerns in the market.
On-chain data platform Whale Alert announced that approximately $200 million worth of XRP was transferred to the Binance exchange. Following this development, the price of XRP increased by 9%. It is thought that this major move by the whale was aimed at profit realization.
According to Whale Alert data, an unidentified whale transferred a total of 69,300,000 XRP to the Binance exchange about two hours ago. This transaction was worth $175.87 million at the time of the transaction. The reasons behind this large transfer have begun to be discussed among investors. While some claim that the whale was expecting a big price increase, some investors interpreted this move as a profit taking.
Ripple-focused analytics platform Bithomp confirmed that the large transfer was actually an internal transaction between Binance’s own wallets. The platform also reported that 800 million XRP and 120 million XRP were withdrawn from Binance on Monday, with the total value of these withdrawals being recorded as $1.9 billion and $283 million, respectively.
At the time of writing, XRP is trading at $2.66 and has increased by 11.38% in the last 24 hours. With this rise, XRP has surpassed the $150 billion market cap and is gaining positive momentum despite the increasing dominance of Bitcoin, drawing a promising picture for the upcoming bull season.
If the positive trend in on-chain data continues, the bull rally in Ripple is expected to accelerate and in this scenario, XRP is expected to record a rise towards $3 levels.