Amid regulatory concerns and the controversial news of Dogecoin wallet mishap, an anonymous whale trader moved a large number of coins to the popular centralized exchange Binance. While many traders decide to store their coins in cold or hot wallets, an XRP whale decided otherwise to move a massive volume amounting to 40 Million.
Analyzing the transactional activity on Bithomp, an anonymous wallet with the ending “kskkhi ” moved 40 Million XRP to a wallet on Binance. Interestingly, the large volume of XRP was sold almost instantly.
The Unknown Wallet Owns 13 Million Coins After Sale
Presently, the wallet has over 13 million coins left after the sale of 40 million XRP. The unknown wallet was reportedly not the only one involved in the transaction, as the wallet that transferred 40 million coins to the wallet that sold them on Binance is currently holding 156 million XRP.
The initial wallet may somehow be connected to another exchange since it has been collecting a large number of funds, including the recent 40 million coins.
XRP Price Rebounds
The recent whale transactions between the two wallets on Binance exchange has been largely attributed to the retracement of the coin’s prices. According to the intratrading market on Monday, the coin has been on an uptrend with a profit of 2.5%.
Presently, the daily trading volume of XRP on Binance is 156 million coins, representing about 25% of the current total trading volume recorded on the popular exchange so far. As at the time of this publication, XRP is trading at almost a dollar, with 0.17% of daily growth.
Ripple once dropped to below the recovery support of $0.90, before hitting a comeback to $0.96 in one day. XRP isn’t the only coin that is in the green today.
Bitcoin recovered impressively from a turbulent market week that saw many cryptocurrencies plunge in the market, pushing itself from below $57k to 58k in the early hours of today’s intratrading market. The flagship crypto plunged over 9% amid concerns of the new Covid-19 variant Omicron.
The crypto king recovered by more than 7% on Sunday. Although the flagship cryptocurrency has shed some of its gains, it is still trading close to the $58k range.
Major cryptocurrencies rebounded the same period as stock futures too, with the S&P 500 adding 0.69%. Oil prices also staged a comeback after the WTI witnessed one of its largest 24hr drop since April last year.
A number of whales have been reportedly adding coins to their wallets in the past few weeks. Earlier today, SHIB Whales added 42% more of the meme coin to their wallets, according to a statistic from WhaleStats. The average balance pulled from the largest 1000 wallets stands at 2.5 billion SHIB, indicating strong sentiments towards the canine coin.