On-chain data indicates that XRP whales are making significant deposits to exchanges, which could be bearish for XRP's price. Large transactions, typically linked with whales, have been spotted on the XRP network in the past 24 hours.
The transfers include 26.8 million XRP to Bitstamp, 19.4 million XRP to Bitso, and 60 million XRP to Binance. These substantial exchange inflows suggest a possible intent to sell, potentially leading to a price drop.
A fourth transaction involved 92.1 million XRP between unknown wallets, making its purpose unclear. Currently, XRP is trading at around $0.57, down more than 4% over the past week.
