XRP faced strong selling pressure after reaching a three-year high of $1.26, amid profit-taking.
Binance data revealed that Ripple’s token lost a fifth of its value after hitting a three-month high, trading at $1.10 at the time of publication.
Whale Alert data shows that the Sunday decline in XRP is consistent with significant inflows of tens of millions of dollars into Binance and other exchanges.
Among these inflows, a whale transferred 10 million XRP tokens, valued at $113.3 million, to the Binance crypto exchange.
This transfer is likely part of the investor’s strategy to profit from their gains following XRP’s significant surge.
- These large XRP transfers to exchanges align with a noticeable shift in the distribution of XRP holdings, making their timing particularly significant.
- In particular, CryptoQuant data indicates a substantial rise in the amount of XRP available on exchanges.
- Exchanges’ XRP reserves increased by 44 million XRP in November, contributing to a more than…