- Over 800 million XRP coins were transferred within a South Korean exchange in the last trading session.
- The price has increased by over 4% in the last 24 hours.
On the 5th of November, XRP saw a major movement when WhaleAlert flagged an extraordinary transfer of 866,092,944 coins.
These coins were valued at approximately $803.8 million and were moved from Bithumb to multiple wallets.
This sizable withdrawal has drawn considerable interest, prompting a closer look at XRP’s exchange inflows, outflows, and daily active address metrics to understand market sentiment better.
The big question remains — could this substantial withdrawal indicate a shift in market behavior?
Ripple effect on XRP inflow, outflow
This significant XRP withdrawal has shifted the spotlight onto the inflow and outflow patterns, particularly on Binance.
Outflows, which saw a recent uptick, often indicate that holders are moving their XRP off exchanges. This could be signaling long-term holding intentions or other strategies.
Conversely, inflows typically suggest increased selling pressure as tokens are moved to exchanges for potential trading or liquidation.
Examining Binance’s recent outflow data, the recent transfer corresponds with a period of elevated outflows, possibly showing investor caution amid market uncertainties.
Source: CryptoQuant
However, no major inflow spikes were recorded in the latest trading session, with inflows at around 15.5 million XRP and outflows slightly higher at 16.5 million.
This trend suggests a market in a state of cautious optimism, where participants appear more inclined to hold than sell, hinting at a pote
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Author: Adewale Olarinde
