A Crypto Whale’s Massive $56.87M Profit from $XRP

A prominent crypto whale has recently realized a significant profit from $XRP. According to data from Onchain Lens, the whale moved up to 26.5 million $XRP to Binance after holding these assets for nearly 2.3 years, resulting in a whopping $56.87 million gain. This information was shared on social media by the on-chain analytics platform.

> A whale deposited 26.5M $XRP worth $67.65M into #Binance after 2.3 years, gaining $56.87M in profit.
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> The whale initially accumulated 25.12M $XRP (costing $10.77M) from Binance between April 22, 2022, and November 24, 2022, at an average price of $0.429.
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> The whale also added these $XRP to a liquidity pool… Source

Crypto Whale Pockets $56.87M after Shifting $67.65M in $XRP into Binance

According to Onchain Lens data, the whale deposited up to $67.65M in $XRP into Binance. Having held the assets for about 2.3 years, this transfer is a significant profit-taking action as the whale originally purchased 25.12M $XRP at a much lower cost.

On-chain data from Nansen.ai indicates that the whale acquired a large portion of $XRP from Binance between April 22 and November 24, 2022, at an average price of $0.429 per $XRP. This led to total costs of approximately $10.77M for his cumulative holdings. Additionally, the whale utilized these assets in a liquidity pool with Binance Coin ($BNB), earning around 1.38M $XRP.

Massive $XRP Shift Could Impact Price Dynamics

As noted by Onchain Lens, the whale’s recent $XRP deposit resulted in significant profits of about $56.87M. Such large transfers often influence short-term price dynamics. As whales and institutional investors navigate the crypto market, this strategic move may play an important role in shaping broader market trends in the coming months.