Ripple transfers millions of XRP coins to a wallet linked to crypto exchange Binance on Thursday. This comes despite spot ETF launches and bullish price predictions for XRP by veteran Peter Brandt and analysts such as Ali Martinez.
Ripple Moves 46 Million XRP Coins Against ETF Frenzy
On December 4, Whale Alert reported a 46,019,328 XRP transfer from Ripple (50) to “rnU65s,” a wallet activated by Ripple (50). The transaction is valued at $101.40 million at the current market price.
It followed another 46,019,328 XRP transaction from the Ripple subwallet “rnU65s” to “rpxh7h,” a wallet activated by Binance (10) subwallet. This indicates that Ripple moved 46,019,328 XRP coins worth over $101 million to Binance.
It comes amid massive spot XRP ETF buzz in the crypto community. The US-listed XRP ETF saw $50.27 million in net inflows on Wednesday, continuing the inflow streak despite massive crypto market selloffs. Grayscale’s GXRP led with $39.26 million in inflows, followed by $4.76 million in Franklin’s XRPZ and $3.29 million in Bitwise XRP ETF.
The total XRP assets under management surpassed $906 million amid fee waivers announced by issuers. Ripple moving XRP to Binance crypto exchange signals negative sentiment despite ETF buzz.
On-chain data signals XRP Whale Flow 30DMA remains negative despite a sudden surge in economic activity and on-chain transactions on XRPL.
XRP Whale Flow 30DMA. Source: CryptoQuantXRP Price Plunges Nearly 2%
XRP price fell more than 1.70% in the past few hours, paring some recent gains this week. The price is currently trading at $2.17, with intraday lows and highs of $2.15 and $2.21, respectively. Furthermore, trading volume has dropped by more than 30% over the last 24 hours, indicating a decline in interest among traders.
Crypto analyst Ali Martinez shared a 4-hour chart showing the crypto asset has been moving in a descending channel since October. He predicted that XRP price can rally towards $2.75 if it breaks above $2.28.
XRP Price in 4-Hour Timeframe. Source: Ali MartinezRecently, veteran trader Peter Brandt highlighted XRP price rally in the coming weeks amid significant developments by Ripple. He claims the downtrend will soon come to an end and trigger an upside momentum towards $3.
Meanwhile, CoinGlass data revealed that total XRP futures open interest dropped in the last 4 hours and 24 hours. The total futures open interest tumbled 0.65% to $3.88 billion over the last 24 hours. The 4-hour XRP futures OI on CME climbed 1% but slumped by 3% on Binance and 1.76% on Bybit at press time.
Source: https://coingape.com/ripple-moves-over-101-million-in-xrp-to-binance-whats-next/
