In a significant development within the cryptocurrency market, a massive 51 million XRP stash was recently shifted from the Binance exchange. This large transaction underscores the ongoing activities of crypto whales, entities or individuals who hold substantial amounts of a specific cryptocurrency.
The 51 million XRP transfer, valued at approximately $25 million based on current market prices, was detected by blockchain tracking services. The single transaction saw XRP move from Binance to an unknown wallet.
šØ šØ 51,627,816 #XRP (25,261,186 USD) transferred from #Binance to unknown wallethttps://t.co/EDkG5NA2Ab
ā Whale Alert (@whale_alert) June 21, 2024
According to WhaleAlert data, 51,627,816 XRP worth $25,261,186 were transferred from Binance to an unknown wallet. This move is part of a broader pattern of whale activity that has been stirring the XRP market.
Whale Alert reports another major XRP transaction, which saw a 26 million XRP stash shifted from Binance: "26,247,981 XRP worth $12,821,456 was transferred from Binance to unknown wallet."
card
Whales moving large amounts of XRP off of exchanges like Binance could indicate a range of sentiment. They might be preparing to hold their assets in cold storage for potential long-term holding, suggesting bullish sentiment. Conversely, it might suggest neutral sentiment as the move might be a mere funds reshuffling.
At the time of writing, XRP was down 0.44% in the last 24 hours, to $0.48. For several days, XRP has traded between the 50-day SMA at $0.51 and the key support at $0.46.
The crucial level to watch for on the downside is $0.46. If this level gives way, XRP might fall to the critical level of $0.41. Bulls are predicted to buy in the range of $0.46 to $0.41.
Bulls are attempting to push the price above the $0.50 mark, and if they succeed, the probability of a break above the 50-day SMA improves. XRP might then rise to $0.57.