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Ripple whale moves 700M XRP away from exchange while BTC whales move towards exchanges

Ripple whale

A Ripple whale has moved nearly 700 million XRP coins from Bithumb crypto exchange to a private address.

The Ripple whale moved 699,999,981 XRP from the cryptocurrency exchange platform Bithumb to an anonymous wallet with no known connections to any exchange. The transaction is worth more than 141 million dollars at the current trading price.

A whale moving away from a cryptocurrency exchange is considered a bullish signal as investors intending to sell their assets like to keep them on exchange accounts.

Ripple whale on the move

The move was first reported by Whale Alert’s Twitter handle, which revealed the transaction’s origin and its destination.

The multi-million transaction took place at the transfer cost of less than a penny. The move might represent an investor or a group of investors that decided to shift XRP to a private address instead of holding it on the exchange platform.

While the move might be an internal transfer within Bithumb, Twitter bot Whale Alert is designed to filter out internal transactions.

ETH and BTC whales

Both Ethereum (ETH) and Bitcoin (BTC) whales made waves at the beginning of the week. After a rush of transactions in the first few days, ETH whales have now gone under the radar.

BTC whales, on the other hand, were reported moving coins towards cryptocurrency exchanges around an hour ago. The whales have moved nearly 2400 BTC towards crypto exchange platforms in the last two hours.

The move took place in two large batches, each holding nearly 1200 BTC. One batch moved to OKEx exchange while the other went to Binance crypto exchange. The transactions are worth nearly 23.5 million USD at the current trading price.

A move towards the exchange is considered a bearish signal, but how much it affects the price of Bitcoin remains to be seen.

 

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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