Ripple price tumbles as a crypto whale moves 20 million XRP to Binance

Fibo Quantum

Again, another mysterious crypto whale moves 20 million XRP from an unknown wallet to the largest cryptocurrency exchange platform, Binance. As it happens in most of the cases, when a vast amount of crypto tokens get moved from an outside wallet to an exchange, the community fears the whale transferred Ripple tokens to sell.

Yesterday, on 20th August, a significant transaction in Ripple’s default virtual currency, XRP, got recorded. The unknown user transferred 20 million XRP tokens (worth about 5.7 million US dollars) to Binance crypto exchange.

Whale Alert, the Twitter account that concentrates with the live tracking of large virtual transactions in the crypto space, reported the massive token transfer at first. Whale Alert tracks significant transactions that are made to and from crypto exchange platforms that are associated with the top 10 cryptocurrencies in the market.

On looking at the transaction carefully, Ripple’s XRP, which is the third-largest virtual asset in terms of market capitalization, was caught in a massive whale transfer. On Tuesday, Whale Alert shared a transaction Id of XRP, that involved the transfer of 5,664,853 US dollars which is equivalent to 20,000,000 XRP been transferred from an unknown wallet to Binance with the fees of 0.00001 XRP that is approximately 0.00000274 US dollars.

This fishing event took place at around 23:57:51 UTC on Tuesday 20th August 2019. Below are the two crypto wallet IDs that are associated with the massive XRP transaction;

From: rs8ZPbYqgecRcDzQpJYAMhSxSi5htsjnzav (Unknown)

To: rJb5KsHsDHF1YS5B5DU6QCkH5NsPaKQTcy (Binance Exchange)

As mentioned above, it is yet to be known who initiated the transaction, but the receiver appears to be an old user of Binance. Nevertheless, the price of Ripple (XRP) has plummeted by 4.25% over the past 24-hours, and on the other hand, the number one cryptocurrency, Bitcoin, also depreciated by 5.41% within the last 24-hours.

Transactions of this magnitude are not a new thing in the market as media outlets reported a whale transfer of a similar amount from Nexo to Kraken crypto exchange a few days ago.

Besides the Ripple (XRP) transactions, Whale Alert reported the transfer of 20,000 ETH between an unknown wallet to Binance on 18th August 2019. Specifically, this transaction was deemed successful with satisfactory confirmations in place with a fee of about 0.00084 ETH that is approximately 0.16 US dollars.

It is worth noting that XRP is trading at about 0.26773 against the US Dollar standing with a market capitalization of more than 11 billion US dollars despite its 4.25 percent price depreciation over the last 24-hours.

According to speculations going around the crypto market, the growing number of whale movement instances involving XRP can be associated with Ripple’s recent partnership with leading money transfer service provider, MoneyGram.

According to the agreement between the two companies, MoneyGram settled to be using Ripple’s default currency, XRP, in its money transfer operations. And while the news of the partnership has not had a positive effect on the valuation of XRP, the fact that the market is experiencing these whale transfers consistently after the partnership is something to follow carefully.

Ripple (XRP) Price Analysis

At the time of writing, XRP is exchanging hands at about 0.26 against the US Dollar. In July, Ripple’s XRP suffered a continuous price depreciation that continued throughout the first few days of August up until the coin hit the 0.236 US dollar mark that currently stands as the lowest since late 2017.

What this price slump has done to the virtual token is to rob all the significant gains it had made during the December 2017 to January 2018 period.

However, Ripple (XRP) recorded a minor price surge earlier this week after making a slight price appreciation to 0.296 US dollars. Despite the positive progress, the 0.28 and 0.30 US dollar resistance levels have resisted the coin from further advancing and pushed it back below the resistance level.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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