XRP whales move their funds away from exchanges during inflows spree

XRP whales are moving their funds away from exchanges as the flow of money into the overall crypto market increases. At the time of writing, XRP is changing hands at $0.8415.

xrp-whales-move-their-funds-away-from-exchanges-during-inflows-spree

XRP/USD 4-hour chart | Source: TradingView

Two XRP large transfers from whales

The first transaction appeared three hours before press time, with 162 million XRP transferred from the Nexo exchange. After the large transfer, the exchange’s hot wallet only holds 2 million XRP. The big trade came just hours before the asset spiked 4.3%.

xrp-whales-move-their-funds-away-from-exchanges-during-inflows-spree1

Source: Whale Alert

The second, less important transaction was made on the Binance exchange and is worth about $11 million compared to the $130 million transferred earlier. Massive transaction made to an unknown address currently holding a staggering 300 million XRP.

Both transactions are done during the big money flow trend, as users move most of their funds to exchange addresses. Binance has reported the reserve of 7,000 BTC will increase as a total of 65,000 BTC has been sent to hot wallet exchanges, excluding decentralized exchanges.

Unfortunately for its holders, the steady flow of exchanges does not help XRP continue to trade above $0.9. The asset is currently trading at $0.83 after losing 16.8% of its previously achieved value less than a week.

The first signs of a pullback appeared on XRP after the asset started to rally on December 20 and rallied 21% in four days. In the long-term, XRP has been steadily falling since hitting its most recent high of $1.30.

During a long-term downtrend, the asset has lost almost 40% of its value and is even more than its all-time high of $2.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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