XRP To Decline Further? Whales Deposit $32 Million To Coinbase


Data shows XRP whales have deposited around $32 million in the token to crypto exchange Coinbase, a sign that could lead to further decline in the asset’s price.

Whales Transfer $32 Million In XRP To Coinbase

As per data from the crypto transaction tracker platform Whale Alert, two large XRP movements have been spotted during the past day. The first of these transfers involved 43,974,224 coins moving on the Ripple blockchain, worth almost $15.5 million at the time of the transaction.

Usually, such large single transaction movements suggest that the whales are involved. Transfers from this cohort are generally the ones to watch for as the sheer volume involved in them can produce noticeable impacts on the price of the coin. Below are some additional details regarding this whale transaction that may provide hints about the reason behind it.
XRP Whale

The facts about this whale transfer that took place on the Ripple network | Source: Whale Alert

As you can see above, the sender of this transaction was an unknown address, meaning that it was unaffiliated with any known centralized platform, and likely belonged to a personal wallet. The receiving address here was a wallet attached to the crypto exchange Coinbase, suggesting that this transfer was an exchange inflow.

Since one of the main reasons why investors deposit to exchanges is for selling purposes, exchange inflows can have a bearish impact on the price. As the current inflow is from a whale, it could be a sign of dumping from this humongous holder, and could thus result in a decline in XRP’s value.

Interestingly, at the same time as this transaction, another whale transfer also took place. Here are the details about this one:

XRP Coinbase inflow

Looks like this transfer was even larger than the other one | Source: Whale Alert

A massive amount of 46,888,932 XRP (worth around $16.5 million) moved in this transaction, and it seems like the receiving Coinbase addresses were the exact same between both transfers. The sending addresses, however, weren’t the same for the two cases.

But nonetheless, the fact that the transactions were triggered simultaneously is enough evidence that the same whale was very likely involved in both transactions. The two unknown addresses being different could likely be because the whale just kept their holdings separately in two different wallets.

If the whale indeed made this $32 million deposit to Coinbase to prepare for dumping, then it’s bad news for the XRP price, which had already been struggling in the past week, as the chart below displays.

XRP Price Chart

XRP continues to see decline | Source: XRPUSD on TradingView

Featured image from Todd Cravens on Unsplash.com, chart from TradingView.com

#XRP #Decline #Whales #Deposit #Million #Coinbase


Related Posts

South Korea to examine crypto staking services following the Kraken case

[ad_1] As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to…

Elon Musk Hints At New Twitter CEO At End-2023, Causes FLOKI To Skyrocket 45%

[ad_1] Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to…

Bitcoin eyeing ‘next big move’ which could see $19K retest — analyst

[ad_1] Bitcoin (BTC) is headed to either $28,000 or $19,000 and this week could decide all, fresh analysis says. In Twitter comments on Feb. 15, popular trader…

Messari Analyst Reveals Why Polygon Is Set For Steady Growth

[ad_1] Through his tweet today, Messari analyst Tom Dunleavy singled out Polygon as a top-performing crypto asset and further described traits that set the cryptocurrency for further…

Sequoia Capital, Paradigm among VCs facing ‘tricky’ FTX investor lawsuit

[ad_1] Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the…

Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi

[ad_1] A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to…

Leave a Reply

Your email address will not be published. Required fields are marked *