On-chain data indicates that XRP whales have been depositing substantial amounts of the cryptocurrency to exchanges recently, a move that could potentially signal a bearish trend for the asset’s price.
According to Whale Alert, a cryptocurrency transaction tracker, several significant transfers have been detected on the XRP network over the past day. These transfers involve volumes typically associated with whales, entities that hold a large portion of the circulating supply of the asset and can influence market dynamics.
Details of the movements suggest that three notable transactions have taken place, involving addresses that hint at potential market activity. The first transfer involved 26.8 million XRP, valued at approximately $15.3 million when executed. This transaction was sent from an unknown wallet to Bitstamp, a cryptocurrency exchange. Transactions like these, where funds are moved from self-custodial wallets to exchanges, are termed exchange inflows and are often linked with selling activity, which can exert downward pressure on prices.
Another significant inflow involved the transfer of 19.4 million XRP, worth $11 million, to the Bitso exchange. Intriguingly, the sending address matched the one used in the Bitstamp transfer, suggesting it could be the same whale orchestrating both deposits. A third transfer to Binance, which involved the movement of 60 million XRP valued at $34.2 million, had a different sending address, indicating it might be from a different whale.
Given that exchange inflows are usually associated with selling intentions, these sizeable deposits could foreshadow a bearish trend for XRP if they indeed translate into selling. Besides these transactions, there was also a fourth whale movement involving 92.1 million XRP, roughly $52.1 million, between two unknown wallets, leaving the intention behind this transfer unclear.
At present, XRP is trading at around $0.57, reflecting a decline of more than 4% over the past week. The recent price movement suggests a downward trajectory, potentially influenced by the observed whale activities.
