Ripple whales are pulling more funds away from the exchanges by following the global drainage trend
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The undisclosed XRP wallet decides to withdraw a large volume of XRP coins from centralized exchanges as part of the global outflow trend on exchanges.
According to the whale alarm tracking service, a whale tier address has withdrawn 12.7 million XRP coins from the midsize CoinOne exchange into an unknown wallet. No funds have been moved from the receiving wallet since then.
The transaction falls under the rapidly evolving outflow trend currently in place in the market after the volatility has risen sharply.
Previously, U.Today reported that Ethereum traders are draining exchange supplies by moving away from the majority of existing assets for reasons not stated.
Ripple couldn’t avoid the global cryptocurrency correction that hit the market in the past few days. Ripple lost about 14% of its value in just eight days, while previously it had been in a strong uptrend for the past 40 days.
During the last run, Ripple gained more than 40% on its value compared to the beginning of October.