#Ripple ($XRP ), which has increased alongside the surge in #Bitcoin, has raised concerns with the whale move.
On-chain data platform Whale Alert has attracted attention with a massive transfer of $XRP . Nearly $200 million worth of XRP was moved to the cryptocurrency exchange Binance. Following this development, there was a 9 percent increase in the price of the popular altcoin. It came to mind that the whale might be making this transfer for profit sales.
According to data shared by Whale Alert, an unidentified whale moved a total of 69,300,000 XRP to the Binance exchange about two hours ago. This amount was valued at $175,875,867 at the time the transfer occurred. As the community wondered what caused this massive transfer, various explanations were put forward. While some investors stated that the whale was preparing for a sharp rally, other investors assessed the move as a profit-making sale.
Ripple-focused analytics platform Bithomp has confirmed that the transfer was in fact an internal transaction between Binance wallets. The platform also reported that 800 million and 120 million#XRPwere withdrawn from#Binanceon Monday. These amounts were worth $1.9 billion and $283 million, respectively.
As of writing this, XRP is trading at $2.66, up 11.38 percent in the last 24 hours. With this increase, the market cap has surpassed $150 billion. Despite Bitcoin’s increasing dominance, the rising flagship has given hope for the upcoming bull season. Ripple’s bullish momentum may accelerate with positive on-chain data. In such a scenario, a move towards $3 can be expected.
