Data on the chain shows that XRP whales have been making a lot of inflow transactions to Binance recently, a sign that it may not be suitable for the price of the asset.
XRP whales have made a high volume of transactions to Binance recently
As described by an analyst in CryptoQuant Qucktake mailthe XRP Whale to Exchange Transactions metric has increased for the cryptocurrency exchange Binance recently.
The “Whale Transactions to Exchange” here is an on-chain metric that keeps track of the total number of transactions that take place from whale groups to wallets associated with a particular centralized exchange.
Whales mention the biggest investors on the network, who can maintain some influence on the market thanks to their large holdings. Therefore, it is worth keeping an eye on this group. One way to track their movements is through a Whale to Exchange Transaction.
When the value of this metric is high, it means that the whales make a high number of movements to the platform. Since one of the main reasons that investors use exchanges is for purposes related to sales, this type of movement can be a sign that the large owners are looking to sell.
On the other hand, the signal being low can mean that this group is not interested in trading away the digital currency because they do not make too many movements related to exchange.
Now, here is the chart shared by the volume that shows the movement in the 7-day simple moving average (SMA) of the XRP Whale to Exchange Transactions for Binance over the two last year:
As shown in the graph above, the 7-day SMA XRP Whale to Exchange Transactions for Binance registered a huge value just before the latest price rally past the $3.3 mark.
The timing would mean that those humble investors may have been anticipating the run, so they made the moves to reposition themselves appropriately.
So far, XRP has been holding around its highs, meaning that the whales may not yet have pulled the trigger on the sale. It remains to be seen, however, how long these investors would continue to sit on their profits, especially if the cryptocurrency continues its recent sideways movement. short.
XRP price online
XRP has been one of the best performers among the major coins by market cap in the past week, with its price noting an increase of more than 38%. While the run started strong, it has seen a cooling in the past few days as the asset has seen an overall flat rate consolidation.
The table below shows how the price of the asset has behaved in the last month.
