XRP Whales Are Moving Millions From Binance as Looming Litigation Causes Record Outflows

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XRP whales are moving their assets from Binance as a result of Binance’s creation of the defective and meaningless “proof of reserve” system, as criticized by some financial experts. The ongoing probe by US officials into Binance for money laundering may be potentially connected to this sudden outflow.

As a result of the situation, a significant number of investors are withdrawing funds from Binance, the world’s largest cryptocurrency exchange. As of today, 337 million XRP have been moved from Binance to an unknown wallet. The fact that Binance, the biggest cryptocurrency exchange in the world, is going through this predicament might wreak havoc in the cryptocurrency market, with XRP among the coins suffering the most.

Key XRP Levels To Watch – December 14

On the daily chart, the price has been declining from the $0.9130 supply zone. According to the Moving Average (MA) Period 50, the direction of XRPUSD is bearish following the response of the market at the $0.5590 and the $0.5510 price levels.

XRP Whales Are Moving Millions From Binance as Looming Litigation Causes Record Outflows

The Fair Value Gap formed as the price broke the $0.5590 previous support used to further reject the price’s upward movement on September 21, 2022. XRP is currently consolidating, the price might eventually break upward into the mitigation block to execute sell orders for the next swing impulse to the downside.

Resistance Levels: $0.9130, $0.5590, $0.5100
Support Levels: $0.3750, $0.3190, $0.2880

Total Market Capitalization: $871.64B
XRP Market Capitalization: $19.68B
XRP Volume: $1.04B
Market Rank: #6

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.