Two mysterious XRP whale addresses withdrew nearly 40 million XRP worth over $20 million from Binance on February 21. The withdrawals happened in the same minute interval, and the addresses show similar patterns.
Notably, Finbold noticed the alerts by the Whale Alert account on X within one minute of their occurrence. The mysterious activity by supposedly two XRP whales happened in three seconds from the first to the second.
First, ‘rfQ9E…k8Cvi’ withdrew 19.90 million XRP ($10.75 million) to an account activated on January 3, 2024. Followed by an 18.54 million XRP ($10.01 million) withdrawal to ‘rarG6…2bZKk’, activated on the same day as the other.
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This similar activity from activation to the massive recent withdrawals suggests these mysterious XRP whales belong to the same entity. Moreover, the two accounts have sending activities to similar destinations, all in short time intervals.
On the other hand, Ripple recently sold 60 million XRP ($32 million) of the extra 100 million tokens from a dormant whale address.
XRP price analysis
In the meantime, XRP is trading at $0.539, following a strong downtrend in the daily chart against the dollar. Interestingly, it contrasts with the mysterious XRP whale activity, which shows a bullish bias of high accumulation intents.
In this context, Brad Garlinghouse, CEO of Ripple, gave an interview to Bloomberg on February 20, welcoming an XRP ETF.
However, it is important to note that this does not mean an XRP ETF is coming. Instead, this would be a desirable financial product by Ripple, the largest known XRP whale. Garlinghouse added that he believes the crypto and the finance markets would benefit from multiple ETFs around different tokens.
All in all, neither Brad Garlinghouse’s sayings nor the massive whale accumulation were enough to pump the price. XRP still faces relevant challenges on the supply side of its economics, dealing with the monthly dumps by Ripple.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
