Crypto Whale Transfers Over 32M XRP To Bithumb Crypto Exchange

  • Whale Alert spotted a transfer of 32,078,901 XRP to Bithumb from an unknown wallet.
  • The transaction happened at 05:15:10 UTC on Wednesday, November 29, according to Whale Alert.
  • TradingView data shows XRP is approaching a breakout from a symmetrical triangle on the daily chart.

Whale Alert, blockchain tracker and analytics system for reporting whale crypto transactions, reported that an XRP holder recently transferred 32,078,901 XRP, equivalent to $19,557,285, from an unknown wallet to the Bithumb crypto exchange. Transactions of such magnitude are considered whale transactions and are usually suspected to be intentional.

Notably, the transaction’s details on Whale Alert’s platform show it happened at 05:15:10 UTC on Wednesday, November 29. At the time, the XRP/USD price reflected minimal volatility as it traded sideways and was approaching a breakout from a symmetrical triangle on the daily chart, according to data from TradingView.

XRPUSD Daily Chart on TradingView

From a historical perspective, crypto whales usually transfer tokens to centralized exchanges when they plan to liquidate them or swap them for other cryptocurrencies. The crypto token community, in this case, the XRP community, becomes vigilant when such transactions occur and anticipates that the token’s price might drop following a significant sell-off. 

Often, the crypto community observes such significant transfers after a notable price rally or when there are crucial events around a particular coin or token. However, these events have been consistent for XRP over a long period, following Ripple’s protracted court case with the Securities and Exchange Commission (SEC).

The reason for the unidentified significant transaction remains unknown at the time of writing, just like the actual identity of the whale behind it, and there has been no notable price movement on the XRP chart since the transaction occurred. 

However, crypto traders remain vigilant, especially those from the XRP community, as they watch out for the anticipated breakout from the symmetric triangle on the daily chart. At the reported time, XRP traded for $0.6137 after experiencing a 1.82% surge in the past 24 hours, according to CoinMarketCap.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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