XRP Whales Trigger Worry With $23.4M Token Shift – Is a Sell-off Coming?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
XRP has dipped by 0.2% in the past 24 hours, slipping to $0.5895 as the cryptocurrency market barely moves today.
The alt remains up by a modest 1% in a week and by 9.5% in a fortnight, with these percentages coming in the context of increasing transfers of XRP to exchanges.
According to CryptoQuant data, traders have transferred 43 million XRP to Binance in the past couple of weeks, worth around $23.4 million.
This suggests that whales are still likelier to sell XRP at the moment than to buy it, meaning we may have to weather a few more dips before the cryptocurrency enjoyed a sustained renewal.
The aforementioned data shows that, on September 10, Binance held 2.941 billion XRP on behalf of its customers.
However, today it holds around 2.986 billion XRP, with this transfer happening during a period of growth for the XRP price.
While this would suggest that a selloff may be coming soon, it also shows how transfers to exchanges don’t result in immediate dips, given that the XRP price has risen by 9.5% in the last 14 days.
In fact, if you were to zoom out on this chart you would see that Binance’s reserve of XRP is still down on its 2024 high of 3.14 billion XRP, which it reached in March, when the coin rose as high as $0.719.
As such, it would be perhaps too negative to assume that we’ll see a big drop soon, especially when the altcoin’s circulating supply currently amounts to 56.505 billion.
Indeed, XRP’s chart continues to look promising, with its indicators currently on an upwards trajectory.
For instance, its relative strength
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