According to the Whale Alert bot on Twitter, while Bitcoin and major altcoins faced a spike in inflows to exchanges, this XRP whale decided to withdraw its holdings. from a large centralized exchange.
XRP whale withdraws 10 million tokens from the exchange
A large transfer was made between the two exchange addresses. But most likely it was just a hot wallet transaction to one of the exchange addresses, which would then be routed to an unknown wallet address.
Source: Whale Alert
Currently, the money is still at the whale’s address without being transferred anywhere. Whenever users withdraw their trades from exchanges, they tend to hold them for a longer period of time rather than sell on the exchange if an increase in volatility occurs in the market.
Currently, XRP is moving in the same range as before: it is trading around the $1 level. That’s why the community jokes and classifies it as a stablecoin. Ripple has been moving in the $1 range for over three months at this point, periodically testing new highs.
Ripple’s most recent positive price move is tracked back to November 9 when XRP hit $1.30 but then quickly dropped to $1.03. At press time, XRP is trading with a 0.6% daily gain and relatively low volatility relative to the price action on Bitcoin which has moved from $58,000 to $56,660.
XRP/USD 4-hour chart | Source: TradingView
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