Whale Alert, the tracker of large transactions of cryptocurrency from wallets to exchanges and vice versa, has reported a huge movement of XRP tokens from Binance to an unknown wallet. This indicates that whales are not ready to trade their XRP for fiat, which is bullish for the cryptocurrency.
According to the crypto tracker, Whale Alert, the huge transaction initiated a few hours ago is one of the largest non-exchange transactions effected on the XRP blockchain in the last few months.
Read Also: Someone Abnormally Transferred 60 Million XRP between Wallets of Various Exchanges
Whale Alert tweeted, “150,000,000 XRP (145,640,181 USD) transferred from Binance.”
Going by the transaction page, the anonymous whale moved 150 million XRP worth relatively $150 million at the time of the transaction from Binance exchange to a wallet of an unknown origin.
Prior to the huge transaction, the same wallet has been making insignificant transactions to various exchanges worth relatively $20-$30.
Read Also: Former U.S. Treasurer Praises XRP, Says Bitcoin, Ethereum, Other Cryptos Are Speculative
After the unknown wallet received the funds, it sent about 100,000 coins to UpBit exchange. The reason for the unusual distribution of funds remains undisclosed.
XRP’s price does not seem to consider the huge movement of funds in the market with the price continuously moving in the same trend. The asset has broken the four-day uptrend by dropping below $0.98.
XRP was one of many victims of the global cryptocurrency market correction that took place on the market due to a rise of risk-off tendencies after the aggravation of the pandemic all over the world.
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At the time of press, XRP is trading at $0.97 while losing 2% of its value. The price of the asset gained 6% in the previous local uptrend.
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