- Whale Alert spotted a massive XRP transfer from an unknown wallet to the Binance.
- An investor sent 60 million XRP from an unknown wallet to Binance.
- The whale transaction adds to the existing FUD in the crypto market.
Leading crypto transactions tracker Whale Alert spotted a massive XRP transfer from an unknown wallet to the Binance cryptocurrency exchange. The transaction caught users’ attention early Monday morning during the volatile cryptocurrency market, which led to falling prices over the weekend.
According to the tracker, an unidentified whale sent 60,000,000 XRP tokens, equivalent to $134,000,000, to a wallet on Binance. The volume of this transaction is significant enough to influence users’ perception of the crypto market. Still, several details come into play when using such data for market analysis.
Why Do Investors Move Crypto to Exchanges?
For instance, many crypto users believe investors prefer to store their digital assets away from centralized exchanges to protect them from potential risks. Such investors transfer cryptos to the exchanges when they want to sell or exchange them for other cryptocurrencies. The latest information from Whale Alert did not signify the investor’s intent nor did it provide details of further actions.
In the meantime, XRP displayed notable volatility with wild price movements over the past few days. The price tumbled from $3.065 last Friday to $1.768 early Monday morning, reflecting a 43% crash in less than four days. However, XRP staged a recovery in the past few hours and traded for $2.342 at the time of writing.
Related: XRP Price Prediction February 1 – Market Trends & Expert Insights
Market Uncertainty and Trump’s Policies
Most traders are unsure of the market direction, given the growing FUD across the digital assets market after the U.S. President’s latest policy moves. The potential trade war between the US and countries like Canada, Mexico, and China could shake up the US economy and affect consumer confidence, potentially leading to less investment in risk assets like cryptocurrencies.
Related: Bitcoin FUD Hits Highest Point of the Year: What Does This Mean BTC Bull Run?
XRP’s price hangs in the balance while trading above notable support around the $2.300 region. Traders remain observant on how things unfold, especially with the president’s team rolling out new policies in the administration’s early days.
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