 ▲ XRP, whale/ChatGPT-generated image |
XRP has seen more than 31 million tokens flow into Binance, the world’s largest cryptocurrency exchange, within a single day, heightening concerns over further price declines driven by potential large-scale sell pressure.
According to crypto-focused media outlet The Crypto Basic on February 24 (local time), blockchain tracking service Whale Alert detected a transfer of 31,162,130 XRP from an anonymous wallet to Binance. The transaction is valued at approximately $44.64 million, drawing market attention to the intentions of the large whale investor behind the move.
The sending wallet address begins with “rPz2” and is reportedly known for previous large-scale transfers. In general, significant amounts of cryptocurrency moving from private wallets to exchanges are interpreted as a preparatory step for liquidation, increasing downward pressure on prices. The sizable inflow comes at a time when overall sentiment in the digital asset market has weakened, further heightening investor caution.
Analysts warn that if the newly transferred tokens are immediately sold on the market, support levels could break down more quickly. Others suggest, however, that the move could be part of liquidity provisioning by a large institution or preparation for an over-the-counter transaction, advising a cautious approach. Monitoring buy orders within the exchange and deposit-withdrawal trends is expected to serve as a key indicator of future price direction.
In a macro environment where major assets such as Bitcoin (BTC) and Ethereum (ETH) are also showing weakness, XRP’s independent supply-demand shift could become a critical variable in defending its price. As whale movements directly influence retail investor sentiment, market participants are urged to closely watch changes in XRP trading volume on Binance and the formation of potential sell walls.
The large transfer has occurred during a period of heightened market uncertainty, deepening concerns about the continuation of the downtrend. As volatility may arise during the absorption of the large supply, risk management is essential. Whether the inflow leads to actual executed sell orders on the exchange is expected to be the decisive factor in determining the short-term price trajectory.
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