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ZyCrypto 2024-12-29 21:09:47

Ripple’s XRP Whales Move 2.6 Billion XRP To Binance, Wider Selloff Ahead?

Ripple’s XRP Whales Move 2.6 Billion XRP To Binance, Wider Selloff Ahead?

XRP whales continue huge sales as Binance records growing asset inflows. Total funds from whales have topped a six-month high, spiking sell pressure this week. XRP price has plunged 3% today and 5% over the week, with traders flagging low sentiments. New CryptoQuant data shows over 2.6 billion XRP were deposited on Binance in the last 30 days. This change in dynamics continues as the asset records a sharp decline after soaring to levels not seen in months above a $140 billion market cap. The increased amount of XRP on centralized exchanges ignited major sell-offs, which became the highest whale value since April 2024. Cryptowhale movements to centralized exchanges tend to crash the prices of most assets due to the size of holdings. Exchange flows determine the strength and weakness of the bull cycle, showing trader sentiment. This becomes a bearish phase based on the ease of sale out of exchanges. “ This is the highest amount of XRP deposited by large holders since April 2024, showing a noticeable increase in activity among whales. The large inflows suggest that big XRP holders are actively transferring XRP over the network, and interact with Binance as an exchange. Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal.” What’s Next For XRP? XRP has lost a significant chunk of gains in the past few weeks after flipping Tether as the third-largest coin by market cap. This led to positive projections as bulls set sights on an all-time high. Recent headwinds have lowered traders’ expectations, although bulls set sights on gains amid institutional activities. Institutional traders are drawn to XRP because of its cross-border payment potential as global crypto adoption soars. Furthermore, Ripple has made significant strides to boost XRP and advance payments globally. This year, Ripple launched RLUSD, joining the stablecoin space with partnerships with multiple exchanges. The company also announced a collaboration to roll out the premier tokenized money fund on the XRP Ledger. Aside from global partnerships, XRP is expected to soar based on a surge in other top assets. Bitcoin’s latest drive above $100K and upward movement since the U.S. elections has sparked altcoins. According to commentators, altcoins are on the verge of a major rally, citing previous cycles.

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