Fun

XRP Jumps 4%, Whale Reacts With $69 Million Coinbase Deposit

News Feed - 2024-12-25 11:12:18

Este artículo también está disponible en español.


On-chain data shows an XRP whale has moved a large amount of the asset to Coinbase following a 4% Christmas rally in its price. XRP Is Up More Than 4% On Christmas Day


After a period of struggle in cryptocurrencies across the board, Christmas has brought back some bullish winds as Bitcoin and company have made some recovery. XRP has been no exception, with its price going up over 4% in the last 24 hours to reclaim $2.31. Related Reading Bitcoin Sentiment Still Close To Extreme Greed: More Cooldown Needed For Bottom? 20 hours ago


Below is a chart that shows how the digital asset has performed during the last few days. Looks like the price of the coin has surged over the last couple of days | Source: XRPUSDT on TradingView


As with any surge in the coin’s value, profit-taking can become a threat as investor gains balloon up. It appears one whale may have fallen prey to such a temptation. A Large Transfer Has Just Been Spotted On The Network


According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has occurred on the XRP blockchain during the past day.


The transfer in question involved the movement of 30,171,667 tokens worth more than $69.2 million at the time the sender executed the move. This is quite a large transaction, so it’s likely that a whale entity was responsible for it.


Whales are investors who carry massive holdings in their wallets. As the influence of any entity on the market goes up, the more coins that they own, whales are considered a key part of the ecosystem.


Because of this reason, their moves can be worth keeping an eye on. They may not always directly influence the price, but they can still inform us about the sentiment among these giants.


Problem is, the anonymous nature of the blockchain means that a lot of the time, it’s not possible to discern what an investor’s intent was behind a move. Luckily, in the case of this XRP whale transaction, one end of the move contains a wallet that can be identified as being tied to a centralized platform.


Here are the address details related to the transfer: Looks like this move only required a negligible fee of 0.00001 XRP to go through | Source: Whale Alert


As is visible above, the receiving address for this transaction was a wallet attached to the cryptocurrency exchange Coinbase. The sending address was an unknown wallet, meaning that it was likely the whale’s personal, self-custodial wallet.


Transactions of this kind, where coins flow from self-custody to a centralized exchange, are known as exchange inflows. Generally, one of the main reasons why investors deposit to these platforms is for selling-related purposes, so exchange inflows can have bearish implications for the asset’s price. Related Reading Bitcoin Coinbase Premium Giving Potential Buy Signal, Quant Says 1 day ago


it’s uncertain, though, whether taking profits from the latest surge was indeed the goal in mind when the whale made the transaction. It may very well be the case of the investor looking to take advantage of one of the other services that Coinbase provides. Featured image from Dall-E, whale-alert.io, chart from TradingView.com

News Feed

Alice Ivey10 hours ago5 Python libraries to interpret machine learning modelsPython libraries that can interpret and explain machine learning models provide valuable insights into their predictions and ensure transparenc
300 Banks in Germany Charge Negative Interest Rates Including Deutsche Bank, Commerzbank, ING
300 Banks in Germany Charge Negative Interest Rates Including Deutsche Bank, Commerzbank, ING A new report reveals that more than 300 banks in Germany are now ch
Tom Blackstone7 hours agoOKX launches Ethereum layer-2 testnet using ZK-based Polygon CDKThe “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum.2068 Total
Ethereum's future rests on 10,000 blockchains
Lugui Tillier5 hours agoEthereum"s future rests on 10,000 blockchainsEthereum layer-2s are proliferating, which means Ethereum will start looking like a much better prospect for new projects in the year ahead.1255 Total
China Launches Digital Yuan ‘Hard Wallet’ Card Pilot Program
China Launches Digital Yuan "Hard Wallet" Card Pilot Program The People’s Bank of China (PBoC) have green lighteda physical card-wallet pilot to test its d
Spanish Tax Agency Puts Crypto in Its Sights for the Upcoming Tax Season
Spanish Tax Agency Puts Crypto in Its Sights for the Upcoming Tax Season The Spanish tax agency has included crypto as part of its new guidelines for this year’s upcoming tax
Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report
Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis ReportDuring the month of April, the blockchain project Onfo initiated an experiment to see how fast
Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists Disagree
Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists DisagreePresident Donald Trump has predicted that the US economy will recover by 2021, citing new jobs data re
Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 Exchanges
Bitcoin Held on Trading Platforms Continues to Drop Lower, Over 68% of the Total Held by 5 Exchanges Amid the market carnage tied to Terra’s recent fallout, bitcoin sent to
Tornado Cash verdict has chilling implications for crypto industry
Robert D. Knight9 hours agoTornado Cash verdict has chilling implications for crypto industryThe conviction of Tornado Cash developer Alexey Pertsev reinforces a very broad interpretation of criminal liability, which has
Dutch regulator warns of crypto pump-and-dump risks ahead of MiCA
Josh O"Sullivan14 hours agoDutch regulator warns of crypto pump-and-dump risks ahead of MiCAThe Dutch AFM issued warnings about crypto market manipulation, focusing on pump-and-dump schemes ahead of MiCA’s implementati
Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership
Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership sponsored YIELD App, a FinTech company and digital asset wealth management platform, has published it