Millions of Ripple XRP were transferred from major crypto exchange Binance on Wednesday, according to data from Whale Alert. According to the transaction watcher, the single transaction was a withdrawal of 18.73 million XRP to an unknown wallet outside of Binance. The transaction, at current prices, is valued at $11.26 million.
The transaction took place Wednesday morning, and saw millions of Ripple XRP transferred to wallet address “rarG6F.” This address has made multiple whale transactions in 2024 thus far, At press time, this wallet holds over 35 million XRP. With the identity of the wallet and its holder unknown, speculation is surging on the reason behind the transaction.
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Typically, these whale transactions signal bullish sentiment among investors. As the entire crypto market is fueled by Bitcoin’s surge, many cryptocurrencies and altcoins have seen green over the past month. This includes Ripple XRP, which is up nearly 20% in the last month. While these gains are small compared to rival coins, perhaps this withdrawal indicates an upcoming surge for XRP.
However, on the flip side, this kind of transaction could also indicate quite the opposite. There is potential that this investor sees XRP at its peak, and envisions a downtick coming soon. A movement of this magnitude to another wallet could indicate a potential sale of the XRP stash. Hence, this investor may be ready to sell their XRP, which in turn adds more interest to the transaction.
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At press time, XRP is trading at $0.6115. The transaction likely contributed to XRP’s nearly 8% rise today.