Data shows an XRP whale has taken out $38 million from the crypto exchange Binance. Can this be a bullish signal for the crypto’s price?

XRP Whale Has Withdrawn Almost $38 Million From Binance

As per data from the crypto transaction tracker service Whale Alert, a large XRP transaction has been spotted on the Ripple blockchain during the past day. This transfer involved the movement of 94,311,360 tokens, worth almost $38 million at the time of the transaction.

Since the amount involved here is so massive, the sender of this transfer is likely to be a whale or perhaps an entity made up of multiple sizeable investors. Due to the sheer scale, such transactions can sometimes cause noticeable effects on the market.

How the price would respond to a movement from any whale depends on the exact intent behind the transfer. But why did the whale make this transaction, in this case? The answer to that question might be inside the full details regarding this movement. Here are they:

Details of the massive transfer that took place on the Ripple blockchain today | Source: Whale Alert

As shown above, the sender, in the case of this XRP transfer, was a wallet attached to the crypto exchange Binance, while the receiver was an unknown address. Such unknown addresses are unaffiliated with any known centralized platform and thus likely belong to personal wallets. Transfers like these, where investors withdraw their coins from exchanges to personal wallets, are known as “exchange…