The seemingly ordinary on-chain transfer often hides the true intentions of the whales. As a veteran in the crypto market for many years, I tend to let the bullets fly for a while first.
Last night, the blockchain data monitoring platform Whale Alert issued a notification showing that Ripple transferred over 75 million XRP to a wallet associated with Binance. At current prices, this amount totals up to $152 million.
This is not the first time Ripple has made a large-scale transfer. Just recently, a wallet linked to Ripple co-founder Chris Larsen transferred approximately $140 million worth of XRP to exchanges within 7 days.
01 Frequent actions of giant whales
Data shows that this fund was first transferred from Ripple's main wallet (marked as Ripple (50)) to a sub-wallet before finally entering a wallet address activated by Binance.
Almost simultaneously, Ripple also internally reallocated over 600 million XRP to different sub-wallets and new addresses.
Such internal allocations usually indicate fund management operations, but combined with transfers to exchanges, it has indeed attracted widespread attention in the market.
02 Possible motivations behind the transfer
On the positive side, Ripple regularly transfers some XRP to exchanges, which may be to provide liquidity support. This is especially true for preparing for Ripple's on-demand liquidity service, which requires sufficient token reserves to facilitate cross-border payments.
Another possibility is that this is merely Ripple's normal fund management operation. Ripple holds a large amount of XRP, and it is not unusual to periodically release some tokens for business operations and development.
However, what the market is most worried about is whether this means a sell-off. On-chain analyst J. A. Maartunn pointed out that Chris Larsen has a habit of cashing out at local peaks. Data shows that he has realized a profit of $764 million since 2018 by selling XRP.
03 Market response and impact
After this large transfer occurred, XRP's price did indeed fluctuate, dropping from a recent high of $3.65 to $2.95.
More noticeably, the market leverage adjustment: The open interest of XRP futures has sharply decreased by 16.8%, indicating that traders are reducing their risk exposure.
The chain reaction is also very rapid: A large number of XRP long positions were liquidated on Binance, totaling about $7.3 million. This shows that large transfer events often lead to tense market sentiment and short-term price fluctuations.
04 My personal analysis and suggestions
As a practitioner who has experienced multiple market cycles, I believe that messages regarding large transfers need to be analyzed calmly.
Based on Ripple's consistent operating model, this is most likely a routine fund allocation rather than an emergency sell-off. Ripple releases part of its XRP every month for business development, and suddenly selling everything does not align with its long-term interests.
The continuous inflow of capital into the spot XRP ETF is also a positive signal. At the time of the transfer, the XRP ETF still attracted about $16.42 million in capital inflow, indicating that institutional demand still exists.
From a technical analysis perspective, XRP's current key support level is around $1.90, while the important resistance level is around $2.70. If it can break through $2.70 and hold, it may open up upward space.
For ordinary investors, I suggest:
Do not let a single day's data or event overly influence your decision-making; market noise always exists.
Watch whether Ripple continues to recharge exchanges; a single transfer is of limited significance, but forming a pattern is worth being cautious about.
Closely monitor the game between the resistance level of $2.70 and the support level of $1.90
The market always swings between fear and greed. This time, Ripple's transfer scale is indeed significant, but compared to its total holdings, it is just the tip of the iceberg. The key is to see whether a continuous transfer pattern forms afterward.
The real行情 often quietly sprouts during market panic. For XRP to form a trend upward, it ultimately still needs to rely on substantial application progress and the overall recovery of the cryptocurrency market.
Institutional funds continue to flow into the crypto market through channels like ETFs, estimated to have reached $60 billion so far this year; this macro backdrop is more worthy of attention than a single transfer.
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