Whale Alert: 33,000,000 XRP Tokens Transferred to Binance, Signaling Potential for More Liquidations

According to Whale Alert, a popular whale activity tracker, a significant transfer of 33,000,000 XRP, or around $19.7 million, was transferred

A substantial transfer of 33,000,000 XRP, valued at approximately $19.7 million, was detected by Whale Alert, a renowned platform that monitors significant cryptocurrency movements. This transfer occurred from an unidentified wallet to the cryptocurrency exchange Binance.

🚨 33,000,000 #XRP (19,734,848 USD) transferred from unknown wallet to #Binancehttps://t.co/FYFeDRTOuq

— Whale Alert (@whale_alert) August 21, 2024

This substantial transaction has sparked speculation among market analysts, especially considering the market's current volatility.

The wallet that initiated this transfer still contains a substantial amount of XRP tokens, specifically 265.08 million, which are currently valued at around $158.2 million. This large reserve suggests that the owner of the wallet may be considering further liquidations on Binance, which could contribute to increasing market liquidity.

However, this move comes at a time when the market is keeping a close eye on any large transactions, especially in light of recent developments in XRP's technical indicators.

As highlighted in our previous reports, one of the significant technical signals that have caught the attention of investors is the formation of a Golden Cross between XRP's major Exponential Moving Averages (EMA).

A Golden Cross, which is typically interpreted as a bullish indication, occurs when a short-term moving average crosses above a long-term moving average. This formation often indicates the potential for a mid-term uptrend, which could attract both retail and institutional investors seeking promising opportunities in the crypto market.

Moreover, there has been a substantial decline in the Whale to Exchange Transaction, a metric that counts the number of large transfers made by major holders to exchanges.

This decline is being interpreted as a sign of rising confidence among XRP whales, suggesting that they are more inclined to hold their assets rather than selling them in the current market. This trend may ultimately reduce the liquidity risks for XRP, creating a more stable environment for the token's price to rise.

In related news, as we previously reported, an ardent enthusiast of the token has made an ambitious prediction. According to Amelie, the price of Ripple's token has the potential to soar by up to 30,000%, which could eventually increase its market cap to an astonishing $9.66 trillion.

Meanwhile, at the time of writing, XRP is trading at around $0.5984, having decreased by 2.22% over the last 24 hours, although it still shows a bullish trend with a 3.72% increase in the last week.

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