Highlights:
- A whale has shifted 95 million XRP ($49.68 million) to Binance exchange.
- The large investor’s market action could impact XRP’s price if it entails token sell-offs.
- XRP has remained above $0.5 despite recording declines in its specific periods’ price change statistics.
According to a tweet dated September 7, 2024, renowned market watcher WhaleAlert reported a massive shift in XRP tokens. The post on X revealed that the large investor transferred 95 million XRP worth $49.68 million to Binance.
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Transactions like the one elicited by this whale boast tremendous tendencies to impact XRP’s perceived fluctuating price. Hence, it becomes safe to assert that XRP enthusiasts will keep a close tab on the token and possibly sell off at some point. The transfer occurred in the early hours of today, at 04:48:40 UTC.
🚨 🚨 95,000,000 #XRP (49,681,608 USD) transferred from unknown wallet to #Binancehttps://t.co/oIgMLWcPaH
— Whale Alert (@whale_alert) September 7, 2024
Meanwhile, a close look into the whale transfer history revealed that the whale has been active for some time. The record disclosed that the whale elicited sixty-four transfers to different wallets and exchanges.
Among the sixty-four reported transactions, sixty happened in 2024, while the remaining four occurred only in December 2023. One peculiar thing about the whale transfers was that the exchanges’ destination have consistently been Binance. For context, the whale moved 60 million XRP to Binance on August 29. On August 21, another XRP shift happened. However, this time, the amount was 33 million XRP.
Aside from the transfers to Binance, the transaction history spotted tokens shift to a particular wallet address. However, the quantities were less relative to the exchange dumpings. Most transfers to the wallet address were less than a million.
Notably, the address labelled “rPJ5…..XN5A” received 85,423 XRP on September 3. Interestingly, another 806,644 XRP entered the wallet address on August 27. Considering the pattern of token shifts, chances abound that the whale might seem involved in a strategic token management routine. Hence, the price impact might not be glaring.
On the contrary, if the whale actions, particularly the massive exchange dumpings’ signify token sell-offs, it could imply devastating price impacts. Consequently, XRP could plummet below the $0.50 price level.
XRP’s Price Actions Amid the Exchange Dumpings
At the time of press, XRP is worth approximately $0.53, reflecting a slight 0.1% drop. The token has been on a downhill trend, evidenced by its price changes across specific periods.
For context, XRP’s 7-day-to-date, 14-day-to-date, and month-to-date variables all reflected losses. They saw declines of about 7.2%, 15.7%, and 12.5%, respectively. Meanwhile, XRP’s current valuation has placed the token at about 84.4% below its $3.40 all-time high (ATH), which it attained in 2018.
In market capitalization, XRP boasts a significant $29.8 billion valuation that saw it rank as the seventh most valuable cryptocurrency. Like the general market, XRP’s 24-hour trading volume is also down. It has slumped by about 3.62%, with a $1.09 billion valuation.
Election Outcome Remain a Significant Event in XRP’s Future Price Movements
With each passing day, the United States elections draw closer. Like every other election, the outcome will be significant for most cryptocurrencies, XRP inclusive. Unlike past elections, this year’s election seems unique, with the crypto community members active participation. Leading candidates Kamala Harris and Donald Trump have shown pro-crypto tendencies. Hence, crypto enthusiasts seem divided in their choices of a crypto-friendly leader.
In a recent news article, Ripple co-founder and Executive Chairman Chris Larsen joined eighty-seven other public figures who have publicly declared support for Harris. Considering that Ripple is XRP’s leading distributor, its co-founder’s decision could go either way for the token. Therefore, the election outcome will determine the price impact on XRP.
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